Elliott Wave 5.0 "Reboot"

Friday, February 12, 2016

E-Mini SP500 Intraday Review: Is The Party Back On?

In the short term I am turning bullish and we definitely need more evidence to support it, but a reversal could already be in progress.  The Mini SP500 finished off with a 5 wave pattern to a new low which makes it at least a part of one 5 wave sequence. 

The entire decline is still a diagonal type decline and the SP500 would have to move about 300 or more points to retrace its entire crash. That's a tall order, but the markets can move dramatically when all those bears instantly switch into being a bull.   

The last thing and bear want is to be left behind if a bull market run is on. Nobody has the deep pockets to ride out a bullish rally as even George Soros will feel it.  Of course he may just be using options in which he will not get hit that hard.  

Just about every stock index asset class has also turned so it will be interesting to see how far it can keep going.  My first target would be to pass the top of my 4th wave in Submicro degree.