Today 03/11/21 the S&P – 500 (SPX) made a new all-time high which changes the Elliott wave count that had a possible Primary wave “5” completed as of the SPX 02/16/21 high.
The daily chart courtesy of Trading View illustrates the revised Elliott wave count.
More details about this count and the intra day Elliott wave count of the supposed forming Intermediate wave (5) will be posted soon.
Also, today the Dow Jones Industrial Average made a new all-time high. Two of the three main US stock indices making new all-time highs is a bullish factor.
The intra day wave count of the supposed Intermediate wave (5) appears to be an incomplete impulse wave – a bullish factor.
Major Fibonacci resistance is at SPX 4008. This number has been mentioned in several blogs. Fibonacci points tend to act as magnets and likely to pull prices up to at least the high 3900 area – a bullish factor.
Traders are short 25% non-leveraged SPX related funds from the open on 01/07/21 with a stop loss at SPX 3970. Cover the 25% short position at the SPX open 03/12/21.