Possible Elliot Wave Count - SPX500
SPX 500 continues to hit new highs on a daily basis but still people are trying to catch the top of a 3rd wave which keeps extending. As per my analysis SPX 500 is trading in a very powerful wave 3 which started in 2009 from 667 levels and has much more steam left in it before completing the major wave 3. If wave 3 projects 1.618 times wave 1 then SPX 500 will trade comfortably above 3000 so rather than trying to catch a top try entering long on dips or add your favorite stocks to your portfolios on dips. We could be nearing a 5 wave completion but that is just the wave 3 of a minor degree within the major wave 3. The best case that bears could muster could be 10-15% correction after the completion of wave 3(3) where as the upside could be quite huge as wave 3 can extend quite a bit.The best way to protect your profits could be to buy some options as a hedge against your long positions rather than shorting the market.
Good Luck !!!
Good Luck !!!
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