iamthewolf

iamthewolf

Path continues from last week's pattern with choppy movement before any significant up or down move. Bears are lurking, but may be disappointed at size of near term drop. If they bite they will provide fuel to carry prices higher until seeing a better opportunity after all 5 waves are complete (red arrow). Looking for right entry point for trading the pattern...

iamthewolf

Narrow range and triangle ending. New highs at 2525-2535 to follow, but with downside risk afterwards.

iamthewolf Updated 

Interesting setup heading into 9/5/17 for SPX. The published mid-week (8/29) Elliott Wave is still in play as wave b extended beyond target of 2465 area to 2480.38. Still expecting wave c to start soon and looked to Gartley/Bat/Butterfly charts for validation. Using all of Wave 5 from the mid-week update as "X - A" a Butterfly (Red) is traced to project...

iamthewolf Updated 

A potential move up after a short down move from 9/1/17 can not be eliminated. This is an alternate for exiting early if market doesn't deliver a stronger down move. Support should be at 2456. If the move last week was a new wave 5, and not more of wave b of a retracement after 8/8/17 peak, then new highs are a possibility. Watch closely!

iamthewolf Updated 

Updating mid-week adjusting for volatile day on 8/29/17 with strength of wave B off day's low. Extending timeframe for wave 4 correction to conform with alternate (now primary) view.

iamthewolf Updated 

"Minor wave" view of 5 waves up from April low of 2330 followed by corrective waves abc with c about to begin. Target area is 2390 as correction of higher level "Intermediate" wave having its wave 4 in area of target. Completion of c could be end of "Bull Flag" for next upward 5 wave move. Relative strength at bottom supports the profile.

iamthewolf

Looking more like wave b is done and limited by upper channel at previous fail near 2454. Wave c should start and remain in channel until testing 2417 and low and then beyond, but not straight down. Breach of 2454 upper channel invalidates move. Wherever the low settles should bounce and re-test before starting upward move.

iamthewolf Updated 

Planning for the week ahead and how to navigate the correction started last Thursday. Looking for short bounce and then weakness followed by great buying opportunity.