SPX It looks like an ending diagonal is near completion. If there is a small move up into the 2371-2373 zone in the first hour of trading, then it may be a neat short opportunity. Aggressive buying due to favourable economic data will invalidate this setup. Use common Fib. ratios and potential support areas for profit levels. Beyond 2376 is a good candidate for a stop loss.Note
The Cypher pattern and a bunch of Elliot Waves of various degrees converged. Is this just a coincidence or a great short opportunity? Only time will tell.Note
My wave count is invalid at wave iii. In order to be a proper ending diagonal, wave 3 should exceed wave i's peak. Up to and including wave ii, the labelings seem to be correct. Also, a triangle corrective structure can't occur in the fifth wave either. Something else must be forming.Note
I meant "wave iii should exceed wave i's peak".
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.