Elliott Wave 5.0 "Reboot"

Wednesday, February 17, 2016

E-Mini SP500 Intraday Review: Another Correction?

The E-Mini SP500 is also trying to get to the moon,  but it is lagging the DJIA a bit, and from a different type of a bottom. What else is new as they both produce different wave counts most of the time. Many times it's coincidental when they travel up and down together, but on the Intraday scale virtually anything can form. 

We are also starting a Head and Shoulder pattern which I have seen as a bullish indicator many times.  A downward correction and the SP500 could come back hard one more time and leave my resistance line in the dust. 

If it only turns into a correction or another wave 1 peak, then a decline, closing the gap at the 1860 price level could happen.  What we need to see is a correction where bad fundamental news pushes the price down but it recovers soon after or the next day.