Neutral on the daily time frame. SPX is within the target box for a long position to new highs; however, the pattern presented better meets Elliot Wave principles with resolution to one more intermediate low above SPX 17329.85. Red Fibonacci projections represent extensions of green waves A-B, with support targets for wave C of green circle 4.
An Ending Diagonal for C of green circle 4 is one of several potential interpretations. IF circle 4 completed on last week's low, THEN an impulsive rally should take SPX thru 1950 on the notional path of waves (1)-(5) of circle 5 of III. This path can only be refined with completion of waves yellow (1)-(2).
An Ending Diagonal for C of green circle 4 is one of several potential interpretations. IF circle 4 completed on last week's low, THEN an impulsive rally should take SPX thru 1950 on the notional path of waves (1)-(5) of circle 5 of III. This path can only be refined with completion of waves yellow (1)-(2).
