SPX is near the end of wave ii formation. Wave i is a clear 1-2-3 zig-zag. However, a much more complicated 3-3-5 irregular flat formation is wrapped in wave ii. The good news is this roller-coaster move may be ending in the forseeable future. If SPX shows clear signal of breaking down from here and take out 1050, then we can be very confident that a bigger and powerful wave iii snaps in. The risk is SPX rallys through 1150 and then 1175, then the above count is not valid.
Moreover, USD/CAD formed a hammer today. It seems to be bottoming, which is bearish for SPX.
2 comments:
Great practice on Elliot wave.
I share the same view that market crash is very near.
I like your analysis and I knew that this week could be the top. However, there seems to be an unfulfilled target around 1140-1160, maybe, which prevents me from shorting.
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