This Elliott Wave blog is an excellent profitable source for forex trading signals.
The 4hr S AND P futures chart shows a strong impulsive rally that is incomplete after a Minor ABC correction. The bottom line is that the S AND P will move higher as long as 1943.75, the wave ((i)) extreme, is not broken. But where does that leave us for the short term? Drilling down a little further to the 2hr chart I can get an idea of the short term wave count and projected movement. The ES is wrapping up wave ((iii)) that might end around the 127% or 138% Fibo extension of wave ((i)). I do not want to trade a top for a 3rd wave here as that would be fooling. 3rd waves notoriously extend and extend, and then extend some more. But the 2066-2082 is a good area to look for the market to perhaps take a breather before resuming the uptrend. I'm looking for the 2100 area to cap off this Minor wave 1 higher, but I'll get more certain and specific as the waves unfold.Elliott Wave
↧