SPX Potential Bearish Interpretation
SPX Based on the Elliot Wave counts, this could be a potential bearish interpretation for 07/14/2017.If this count is true (subject to possible interpretation error in wave 3 subwave iii being the shortest, which violates EW theory), I'd expect to move down to the end of wave 4. Of course, any good news/catalyst can send this market higher. At the open, I am hoping to see a small over shoot by a few points ~2452 area. Look for a potential risk of about 2.50 points (using 2450 long puts or possibly 2440/2450 bear put spread?) and potential reward of about 7.50 or more points. End of wave 4 is ~2440. Below this would likely be bearish and the market could quickly fill the rising window gap. Feel free to adjust the parameters of this idea in conjunction with your trading style.
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