Elliott Wave 5.0 "Reboot"

Thursday, February 18, 2016

E-Mini SP500 Intraday Review: Is The Top In?

This is a rather quick update, but  I will do a few more later in the day.

The SP500 has finally turned with a start to a pretty good looking impulse. We will never know how far this will go this time as we could also be in a wave 2 decline. We have a big gap down at the 1860 price level so that is one place it may find a bottom. 

If this was just another "C" wave bullish phase, then the SP500 and other markets will crash to a new bear market low.  Not all of the indices have done this, so this is something we have to consider.

Any parallel trend lines I tried to draw had no chance of looking good with the rally so that also adds to my suspicions that we just finished a bearish rally. 

If the markets make a big surprise then we have to be on the lookout for a corrective move. Of course, if that happens then the markets will push much higher once again.