My last post had a target zone of SPX 2675 to 2678 for completion of an Elliott wave Ending Diagonal Triangle (EDT)
The SPX high on 12/15/17 was in the 2679 area just marginally above the target zone.
This high was quickly followed by a rapid decline in the last half hour of trading on 12/15/17.
This rapid drop following an expected throw over of the upper trend line - typical at the completion of an EDT,
strongly implies the upside pattern is complete.
After an EDT is complete, there is usually a very rapid retrace back to the EDT point of origin - which in this case is SPX 2605.
The down side target could be reached as soon as 12/21 or 12/22.
Big US tax bill vote is expected 12/19 or 12/20.
As of 12/15 it is strongly believed that there are enough votes to pass the bill.
Mark
The SPX high on 12/15/17 was in the 2679 area just marginally above the target zone.
This high was quickly followed by a rapid decline in the last half hour of trading on 12/15/17.
This rapid drop following an expected throw over of the upper trend line - typical at the completion of an EDT,
strongly implies the upside pattern is complete.
After an EDT is complete, there is usually a very rapid retrace back to the EDT point of origin - which in this case is SPX 2605.
The down side target could be reached as soon as 12/21 or 12/22.
Big US tax bill vote is expected 12/19 or 12/20.
As of 12/15 it is strongly believed that there are enough votes to pass the bill.
Mark