Revised Daily S&P 500 Elliott Wave Count 06-15-21

The daily S&P 500 (SPX) chart courtesy of Trading View illustrates the updated daily Elliott wave count since the bull run that began on 03/23/20.

The  log scale and daily RSI shows the weakness of  the supposed Intermediate wave (5).  Price is struggling to rise and appears to be near the point of collapse.  Note the current wide double bearish RSI divergence. It’s possible a triple bearish divergence could soon develop.

The 30- minute SPX chart zooms in on recent price action.

Intermediate wave (4) appears to be an Elliott wave – Expanding Flat correction.  In this pattern wave “a” subdivides into three waves.  Wave “b” subdivides into three waves and marginally exceeds  the point of origin of wave “a”. The final wave “c” subdivides into a five-wave  motive pattern that exceeds the termination point of wave “a”.

The subsequent rally after Intermediate wave (4) appears to be a developing Elliott wave – Ending Diagonal Triangle (EDT). The third wave of this structure may have completed at today’s 06/15/21 opening high.  Note that Minute wave “b” -boxed –  of Minor wave “3” appears to be a nine – wave Horizontal Triangle.

The supposed  EDT could complete on 06/18/21 or 06/21/21. The next  blog will elaborate on the methodologies used to derive these dates and a price target for the EDT peak.

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.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: