Scary SPX500 possibility!
As a newbie, I follow a handful of people (screened over months). One of the low profile ones is youtube.com/channel/UCGpNumFwJwCcSjDGF8zH8Xg. If I understand him correctly, the so called Trump rally is a wave B of an expanding flat. The logic is that the moves since then all seem to be in 3 waves, and from my interpretation could be a leading diagonal. [For what its worth: Green C = 1.618 x Green A, Blue iii = 1.618 x Blue i]
The idea was reinforced by a recent fractal tweeted by elroytrader (twitter.com/elroytrader/status/890292230254100481) who, to me, is THE best contributor on Seeking Alpha. However, do note that this is far from his preferred count.
While this forecasts a substantial drop, perhaps the indices could revert back to pre-election levels since the expectations of policy changes may be fading.
Would love comments from ElliottWave experts on how valid/probable this count is.
The idea was reinforced by a recent fractal tweeted by elroytrader (twitter.com/elroytrader/status/890292230254100481) who, to me, is THE best contributor on Seeking Alpha. However, do note that this is far from his preferred count.
While this forecasts a substantial drop, perhaps the indices could revert back to pre-election levels since the expectations of policy changes may be fading.
Would love comments from ElliottWave experts on how valid/probable this count is.
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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.