S&P 500 IndexUpdated SPX's Elliott wave count weekly,for the RSI deep & crazy stuff !
Guys it is probable now, that we might have and extended first wave count !!!. Comparing
2009's bottom and Covid's bottom we have very clearly identified two sets of Elliot counts
one is Text book count (2009), and the other is since Mach's low and it is still in progress !!!
Both are for the RSI (Not SPX's price ) . If this plays out, it would be just insane to say the
least. whether it happen or no is something else. Lets follow this with an actual Elliot count
for SPX's price and see how does the RSI count follows the actual SPX's price. Either way,
this is just another attempts to figure out our location in this "Universe" of SPX :-) .
I really guys, pray, you are digging what i am trying to tell you and chart before you .
So, what does it mean if we are extended in wave 1 .Well, the Elliott guide are here
to explain to us what is next to be excepted.
Fibonacci Retracement and Extension Guidelines:
If wave 1 is extended, then the size of wave 3 through to the end of wave 5 is often 61.8% – 78.6% relative to the size of wave 1
If wave 1 is extended, then wave 2 and 4 are very likely to be shallow (i.e. 23.6% – 38.2%)
If wave 1 is extended, then wave 2 will often end at the level of sub-wave 4 of 1 (i.e. the internal wave 4 of wave 1)
2009's bottom and Covid's bottom we have very clearly identified two sets of Elliot counts
one is Text book count (2009), and the other is since Mach's low and it is still in progress !!!
Both are for the RSI (Not SPX's price ) . If this plays out, it would be just insane to say the
least. whether it happen or no is something else. Lets follow this with an actual Elliot count
for SPX's price and see how does the RSI count follows the actual SPX's price. Either way,
this is just another attempts to figure out our location in this "Universe" of SPX :-) .
I really guys, pray, you are digging what i am trying to tell you and chart before you .
So, what does it mean if we are extended in wave 1 .Well, the Elliott guide are here
to explain to us what is next to be excepted.
Fibonacci Retracement and Extension Guidelines:
If wave 1 is extended, then the size of wave 3 through to the end of wave 5 is often 61.8% – 78.6% relative to the size of wave 1
If wave 1 is extended, then wave 2 and 4 are very likely to be shallow (i.e. 23.6% – 38.2%)
If wave 1 is extended, then wave 2 will often end at the level of sub-wave 4 of 1 (i.e. the internal wave 4 of wave 1)
Note
This is my follow up count, it this really plays out, for 1st extended wave scenarioof March's low. Our target would be .61- .79 Fibs of Extended wave one of March's
low the rest is on the chart. I guess you have to click on the chart to take you to
the idea.
wish you all the best.
Note
We are registering "Higher Highs" !!!!! first time just shy of 70 since March's crash, time to keep an eye on this indicator.Note
For all what it's worth, we have reached 71.79 on the weekly scale & 74.66 on the daily. The argument for an extended first wave is holing strong.
I do more in depth studies of stocks on my twitter account. Hope you would enjoy it there as you are enjoying it here.
****** Past performance is no guarantee of future results***
twitter.com/samitrading1
****** Past performance is no guarantee of future results***
twitter.com/samitrading1
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
I do more in depth studies of stocks on my twitter account. Hope you would enjoy it there as you are enjoying it here.
****** Past performance is no guarantee of future results***
twitter.com/samitrading1
****** Past performance is no guarantee of future results***
twitter.com/samitrading1
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.