Elliott Wave 5.0 "Reboot"

Friday, March 11, 2016

Mini SP500 Intraday Bull Market Review: Short Term Bull Trap?



This bull market is trucking along just fine until it corrects, then panic sets in. The last panic attack was not even 24 hours ago as the SP500 plunged in a beautiful 5 wave decline. From the yesterday crash bottom the market has recovered, with also pretty looking impulse waves. Some day in the future, maybe we will get some waves a bit bigger, but we haven't had any for some time, so it is a pleasant change to get some great impulse waves. 

As usual, all things Elliott Wave must come to an end and we should be heading into another correction. How deep is still a guess as we could be at an "ABC1" in Minor degree. We may not even get the expanded wave pattern as we could run into an extension as I post.  

Any correction could be deep, so keeping a watch for a corrective decline will be critical.

This also has a mean looking Head&Shoulders pattern, and they can be bearish in the short term, but I have seen them be very bullish in the long term.