S&P 500 Elliott Wave Technical Analysis – 22nd February, 2017

A small sideways day sees the Elliott wave count slightly adjusted, which effects the target zone. An alternate hourly Elliott wave count is provided today just in case.

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S&P 500 Elliott Wave Technical Analysis – 21st February, 2017

Upwards movement for the start of the week breaks above a prior small consolidation with a breakaway gap. Gaps can be useful for trading.

The target given by the Elliott wave count can now be calculated at two degrees, so it widens to a small zone.

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S&P 500 Elliott Wave Technical Analysis – 17th February, 2017

Friday completed an inside day which fits the Elliott wave count well.

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S&P 500 Elliott Wave Technical Analysis – 16th February, 2017

Thursday’s session was expected as very likely to see price move lower due to strong and unusual divergence between price and VIX for Wednesday’s session, which was interpreted as bearish.

Thursday made a slightly higher high and a higher low, the definition of upwards movement, but the candlestick closed red and the balance of volume for the session was downwards.

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S&P 500 Elliott Wave Technical Analysis – 15th February, 2017

The short term target has been met and the mid term target remains the same.

Price continued higher and almost met the target, which was at 2,353, fitting the second hourly Elliott wave chart.

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S&P 500 Elliott Wave Technical Analysis – 14th February, 2017

Upwards movement continues as expected.

A very bearish alternate (which was judged to have a very low probability) has been invalidated today. This adds confidence to the main Elliott wave count and the targets.

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S&P 500 Elliott Wave Technical Analysis – 13th February, 2017

Again, upwards movement continues as the main Elliott wave count expects.

And the very bearish alternate Elliott wave count remains just viable.

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S&P 500 Elliott Wave Technical Analysis – 10th February, 2017

Upwards movement continues as the main Elliott wave count expects.

The very bearish alternate Elliott wave count remains viable.

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S&P 500 Elliott Wave Technical Analysis – 9th February, 2017

A new all time high confirms the main Elliott wave count and invalidates one alternate. Some more confidence may now be had in the targets.

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S&P 500 Elliott Wave Technical Analysis – 8th February, 2017

Price moved lower today with a lower low and lower high, but the session closed strongly printing a green daily candlestick.

The balance of volume was upwards. On Balance Volume gives a reasonable signal, but there has not yet been a breakout from a consolidation.

Continue reading S&P 500 Elliott Wave Technical Analysis – 8th February, 2017