My last post noted SPX resistance in the 2458 area and a move above 2460 could open the door to the next resistance at 2470.
Today 8/14/17 the SPX opened near the 2458 resistance area and quickly moved beyond this potential stopping point.
I had speculated that an Elliott Wave - Expanding Flat was forming. In this pattern wave "C" sub divides into five waves, this appears to be what could be happening.
****CAUTION*** there was a rally late on 8/14/17 that failed to exceed the high of the day and supposed wave .3 peak at 2468.80.
Its possible this could be a truncated fifth wave - which if it is would mean the pattern is complete and the high at 2468.80 would not be exceeded.
If 2468.80 is exceeded the next bulls-eye resistance is at SPX 2470.10 with a broader zone up to chart resistance in the 2474 area.
If SPX 2475.00 is exceeded this opens the door for a new all-time high in the 2490 area.
Mark
Today 8/14/17 the SPX opened near the 2458 resistance area and quickly moved beyond this potential stopping point.
I had speculated that an Elliott Wave - Expanding Flat was forming. In this pattern wave "C" sub divides into five waves, this appears to be what could be happening.
****CAUTION*** there was a rally late on 8/14/17 that failed to exceed the high of the day and supposed wave .3 peak at 2468.80.
Its possible this could be a truncated fifth wave - which if it is would mean the pattern is complete and the high at 2468.80 would not be exceeded.
If 2468.80 is exceeded the next bulls-eye resistance is at SPX 2470.10 with a broader zone up to chart resistance in the 2474 area.
If SPX 2475.00 is exceeded this opens the door for a new all-time high in the 2490 area.
Mark