Final Wave Up for US Stock Market?

The hourly S&P 500 (SPX) chart courtesy of Trading View illustrates the Elliott wave subdivisions since the Important 10/30/20 bottom.

Note the significant bearish divergence on the hourly RSI, it implies at least a short-term peak could be in place as of the late 02/12/21 rally.

If there’s more upside it could be brief, perhaps within the first half hour of trading on 02/16/21. SPX 3948.76 is the bullseye target and likely top.  

             

Published by Mark Rivest

Independent investment advisor, trader, and writer. Articles have appeared on Technical Analysis of Stocks and Commodities , Traders.com Advantage, Futuresmag.com, and Finance Magnates.

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