SPX Opening Call 3/31/2017
Updated
SPX It looks like an ending diagonal is near completion. If there is a small move up into the 2371-2373 zone in the first hour of trading, then it may be a neat short opportunity. Aggressive buying due to favourable economic data will invalidate this setup. Use common Fib. ratios and potential support areas for profit levels. Beyond 2376 is a good candidate for a stop loss.Note
The Cypher pattern and a bunch of Elliot Waves of various degrees converged. Is this just a coincidence or a great short opportunity? Only time will tell.Note
My wave count is invalid at wave iii. In order to be a proper ending diagonal, wave 3 should exceed wave i's peak. Up to and including wave ii, the labelings seem to be correct. Also, a triangle corrective structure can't occur in the fifth wave either. Something else must be forming.Note
I meant "wave iii should exceed wave i's peak".
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