SPX500usd ELLIOTT Analysis (speculative)
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There is a strong RSI divergence building on almost ALL time frames. Market is at a key level and could turn down lower next week.
This expected pullback may be simply a wave 4 , and after a 3 wave correction/pullback the market will rally higher to new ATH..., BUT IF support is not found (i.e. top of the second corrective wave is not breached) the market could descend lower into forming a larger triangle distribution pattern as shown on this chart. Currently I am taking % profits and holding, and will not completely "sell out" until downward conformation is confirmed. IF the top of the 2-nd corrective wave is breached I plan to look for long setups again. This chart is "speculative" because at this point there is not sufficient evidence to determine if we are in a larger triangle pattern but it does fit nicely within the current pattern and the larger degree wave-4 personality
This expected pullback may be simply a wave 4 , and after a 3 wave correction/pullback the market will rally higher to new ATH..., BUT IF support is not found (i.e. top of the second corrective wave is not breached) the market could descend lower into forming a larger triangle distribution pattern as shown on this chart. Currently I am taking % profits and holding, and will not completely "sell out" until downward conformation is confirmed. IF the top of the 2-nd corrective wave is breached I plan to look for long setups again. This chart is "speculative" because at this point there is not sufficient evidence to determine if we are in a larger triangle pattern but it does fit nicely within the current pattern and the larger degree wave-4 personality
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IMHO, The market will rise this Monday (as Friday was slightly strong) and as shown on the chart. the rest of the week may be a time to hold (existing positions) but a bit risky to buy in long.
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