S&P 500 – Elliott Wave Count – 07-09-21

The 07/05/21 blog “The Next S&P 500 Resistance Level” noted that the next S&P 500 (SPX) resistance level could be at 4437.  This level was derived by comparing the growth of the SPX rally from March 2009 to April 2010 with the SPX rally since March 2020. There’s another resistance level calculated solely from theContinue reading “S&P 500 – Elliott Wave Count – 07-09-21”

Explanation of a Micro – Crash

I’m guessing to many, today’s opening micro crash in US stocks was a big surprise .  Those  observing the extremely bearish Nasdaq – Advance/Decline line and new 52 -week highs for the NYSE and Nasdaq Composite it could have been expected.  The SPX 5-minute chart courtesy of Trading View illustrates a possible short-term Elliott waveContinue reading “Explanation of a Micro – Crash”

The Next S&P 500 Resistance Level

Within Elliott motive waves there’s usually a price and or time relationship between waves “one” and “five”.  The most common relationship is the Fibonacci ratio of 1/1 – equality.   The monthly S&P 500 (SPX) chart courtesy of Trading View illustrates a presume  Elliott five – wave motive pattern under development since March 2009. WhenContinue reading “The Next S&P 500 Resistance Level”

Consumer Staples Fund – Update July 2021

The 04/26/21 blog “Struggling to Rally” speculated that the Consumers Staples Fund (XLP) had completed an Elliott five – wave impulse pattern from the 03/23/20 bottom.  Subsequently XLP moved to a new all-time high and peaked on  06/04/21. The daily chart courtesy of Trading View illustrates the updated Elliott wave count. Usually within motive wavesContinue reading “Consumer Staples Fund – Update July 2021”

Rally into Major Fibonacci Resistance

The 06/16/21 blog  Major “S&P 500 Price and Time Targets – 06-16-21” noted  that the S&P 500 (SPX) had major Fibonacci resistance at 4262 and 4274. Today 06/24/21 the SPX reached 4271 within the area of the two Fibonacci points. On the bullish side of the coin VIX  made a new low and is potentiallyContinue reading “Rally into Major Fibonacci Resistance”

Ending Diagonal Triangle is Probably Complete

The 06/15/21 blog “ Revised daily S&P 500 Elliott Wave Count – 06/15/21 speculated that an Elliott wave – Ending Diagonal Triangle (EDT) was under construction from the S&P 500 (SPX)  05/12/21 bottom.  Today 06/18/21 the SPX went below what counts as the EDT -Minor wave “2”. The post 06/15/21 decline was a supposed waveContinue reading “Ending Diagonal Triangle is Probably Complete”

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.  NoteContinue reading “Revised Daily S&P 500 Elliott Wave Count 06-15-21”

Ninety Nine Percent Retracement

On 05/07/21 the S&P 500 (SPX)  reached its all-time 4238.04.  Today 06/09/21 the SPX high was 4237.09 a 99.4% retracement of the post 05/07/21 decline.  Additionally, the SPX may have completed an Elliott wave – Ending Diagonal Triangle (EDT) from the bottom made on 05/12/21. The hourly SPX  chart courtesy of Trading View illustrates theContinue reading “Ninety Nine Percent Retracement”

Bitcoin Horizontal Triangle

The 05/30/21 blog “The Quiet Before the Storm” illustrated two Elliott wave counts for Bitcoin in US dollars (BTCUSD). It now appears the alternate wave count is forming and the BTCUSD 05/19/21 bottom was Minor wave “3”. The subsequent Minor wave “4” correction looks like a developing an Elliott wave – Horizontal Triangle.  The dailyContinue reading “Bitcoin Horizontal Triangle”

The Quiet Before the Storm?

During the prior three trading days the three main US stock indices slowly climbed higher and have remained below their all-time highs.  Most likely this is  the first rally within a developing bear market.  The trigger for the next stock market drop could come from the Bitcoin market. The daily Bitcoin in US dollars (BTCUSD)Continue reading “The Quiet Before the Storm?”