Elliott wave analysis of SPX (S&P 500): 4hr tf
My previous post for the SPX (S&P 500) can be found here:
A possible Elliott wave contracting triangle was discussed in the post to capture price action from January 29, 2018 to April 25 when the analysis was initially provided.
SPX (S&P 500) currently is sitting just above B-D trendline for the contracting triangle. The relative strength index (RSI) is also shown here and does have a rising, positive slope, which argues for more upside movement in SPX (S&P 500).
The projection of price action using this Elliott wave structure still stands as provided in the previous post.
The ideal point of entry (POE) is placed at ~$2718.73 (dotted horizontal line) when price action attempts a break out above the termination point of wave D of the contracting triangle.
The point of invalidation (POI) of this analysis still stands as provided in the previous post.
A possible Elliott wave contracting triangle was discussed in the post to capture price action from January 29, 2018 to April 25 when the analysis was initially provided.
SPX (S&P 500) currently is sitting just above B-D trendline for the contracting triangle. The relative strength index (RSI) is also shown here and does have a rising, positive slope, which argues for more upside movement in SPX (S&P 500).
The projection of price action using this Elliott wave structure still stands as provided in the previous post.
The ideal point of entry (POE) is placed at ~$2718.73 (dotted horizontal line) when price action attempts a break out above the termination point of wave D of the contracting triangle.
The point of invalidation (POI) of this analysis still stands as provided in the previous post.
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