Update on my last post on SPX futures but this time on the cash.
My opinion that an ending DIagonal final wave C (in the Bear Market Rally since March lows) is being formed has not changed.
Ending diagonals can be tricky creatures and we often see short-term sharp overshoots of the top trendline in the final 5th subwave.
The above count is the worst-case scenario I see for the bears.
We should end this ending diagonal anytime in the next 1-3 trading days so the final subwaves I have shown rising above are not necessary but I believe based on the latest price action a very real possibility to give the "right look" to the ending diagonal.
Link to my longer-term Elliotwave counts on the S&P 500 futures is below.
Cheers!
Cyrus
My opinion that an ending DIagonal final wave C (in the Bear Market Rally since March lows) is being formed has not changed.
Ending diagonals can be tricky creatures and we often see short-term sharp overshoots of the top trendline in the final 5th subwave.
The above count is the worst-case scenario I see for the bears.
We should end this ending diagonal anytime in the next 1-3 trading days so the final subwaves I have shown rising above are not necessary but I believe based on the latest price action a very real possibility to give the "right look" to the ending diagonal.
Link to my longer-term Elliotwave counts on the S&P 500 futures is below.
Cheers!
Cyrus
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