To me it would make the most sense to see the S&P500 up into the first weeks of FEB and a decline into FEB 18-22.
I'll explain why.
If history is any guide for the future, then the Elliot Wave pattern that we saw in the period of AUG 24-SEP 29 could pop up again, a wave iv. That time, it lasted 25 bars/36 calendar days. (The bigger picture is a ABC corrective pattern since May 2015 (wave IV)).
This minor wave iv and v pattern may also take 25 trading days, or roughly 35 calendar days, to play out. So that would indicate FEB18-22. The Russell 2000 confirms this scenario, click here tripstrading.com/201...ssell2000-and-sp500/
Support was tested last Friday (orange) and closed well above 1857. So use that level as stop loss for now.
Target is the 1940-60 area for wave iv up. Target for wave v down is 1850 --> A = C = Red Support Line.
Please keep in mind that the markets don't always do as I would like them to. So think for yourself and never follow someone blindly.
I'll explain why.
If history is any guide for the future, then the Elliot Wave pattern that we saw in the period of AUG 24-SEP 29 could pop up again, a wave iv. That time, it lasted 25 bars/36 calendar days. (The bigger picture is a ABC corrective pattern since May 2015 (wave IV)).
This minor wave iv and v pattern may also take 25 trading days, or roughly 35 calendar days, to play out. So that would indicate FEB18-22. The Russell 2000 confirms this scenario, click here tripstrading.com/201...ssell2000-and-sp500/
Support was tested last Friday (orange) and closed well above 1857. So use that level as stop loss for now.
Target is the 1940-60 area for wave iv up. Target for wave v down is 1850 --> A = C = Red Support Line.
Please keep in mind that the markets don't always do as I would like them to. So think for yourself and never follow someone blindly.