The S&P 500 (SPX) has entered the territory of potential major Fibonacci resistance. For several months this website has speculated that the SPX from its January 2022 peak could be forming an Elliott wave Expanding Flat corrective pattern. The following illustration is an Expanding Flat in a bull market. Expanding Flats are composed of threeContinue reading “Updated Long – Term S&P 500 – Elliott Wave Count – 05/16/24.”
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New All-Time Highs – 05/15/24
Three factors imply the rally in U.S. stocks since the 04/19/24 bottom could continue for at least a few days. On 05/15/24 all three main U.S stock indices, S&P 500 (SPX), Dow Jones Industrial Average and Nasdaq Composite made new all-time highs. Today’s move invalidated a bearish “Rule of the Majority” signal made on 03/28/24Continue reading “New All-Time Highs – 05/15/24”
Fibonacci Resistance Break
The prior two blogs noted both the S&P 500 (SPX) and Russell 2000 (RUT) may have found resistance just below a Fibonacci .618 retrace of their respective April declines. Subsequently both indices have moved above the resistance zones. The door is open for both indices to make new 2024 highs. The daily RUT chart courtesyContinue reading ” Fibonacci Resistance Break”
S&P 500 – Update – 05/03/24
The 04/21/24 blog ”Potential S&P 500 Bottom – Early May 2024” noted a Fibonacci time cycle turn on 05/03/24. It was presumed that the S&P 500 (SPX) which began to decline in early April would continue dropping into early May. Subsequently the 04/27/24 blog noted that the size of the SPX rally since 04/19/24 madeContinue reading “S&P 500 – Update – 05/03/24”
Russell 2000 – Update – 05/03/24
May, 6 2024 could be an important day for the Russell 2000 (RUT) and the U.S. stock market. A strong move up could open the door for the RUT and other U.S. stock indices to make new 2024 highs. A significant move down implies a resumption of the decline that began in late March 2024. Continue reading ” Russell 2000 – Update – 05/03/24″
Russell 2000 – Clear Elliott Wave Pattern
The Russell 2000 (RUT) Elliott wave count from 03/28/24 to 04/24/24 implies more downside action. The one – hour RUT chart courtesy of Trading View shows what’s been happening. The RUT decline from 03/28/24 to 04/19/24 was an extended Elliott Impulse wave. The subsequent rally was a three – wave correction topping almost exactly atContinue reading “Russell 2000 – Clear Elliott Wave Pattern”
Russell 2000 – Short – Term Elliott Wave Pattern – 04/12/24
The intraday Russell 2000 (RUT) Elliott wave count implies more downside action. Since their late March 2024 peaks to their respective lows the three main U.S. stock indices have declined as follows. Nasdaq Composite down 2.9%. S&P 500 down 3%. Dow Jones Industrial Average down 5%. Looking beyond the three main U.S. stock indices, theContinue reading “Russell 2000 – Short – Term Elliott Wave Pattern – 04/12/24”
Nasdaq Composite Could Make a New All-Time High – Part Two
The Nasdaq Composite (IXIC) struggles to go down. On 04/12/24 the S&P 500, Dow Jones Industrial Average, and the Russell 2000 made new decline lows. The IXIC not only held above its 04/04/24 bottom, but it also failed to go below the bottom made on 04/10/24. The 30-minute IXIC chart courtesy of Trading View illustratesContinue reading “Nasdaq Composite Could Make a New All-Time High – Part Two”
Nasdaq Composite Could Make a New All-Time High
On 04/12/24 the Nasdaq Composite (IXIC) could make a new all-time high. The 30-minute IXIC chart courtesy of Trading View illustrates the action. From its 03/08/24 peak the IXIC appears to have formed an Elliott wave – Horizontal Triangle. Fibonacci price relationships support this theory. Minute wave “c” is close to equality with Minute waveContinue reading “Nasdaq Composite Could Make a New All-Time High”
Short-Term S&P 500 – Downside Projection
Intraday S&P 500 (SPX) Elliott wave patterns and Fibonacci analysis imply more downside action. The 5 – minute SPX chart courtesy of Trading View illustrates what’s happened since its all-time high. The decline from the SPX 03/28/24 peak appears to be a series of “one’s” and “two’s”. In down trending markets this is one ofContinue reading ” Short-Term S&P 500 – Downside Projection”
Four Dimension Trading 