Elliott Wave 5.0 "Reboot"

Tuesday, March 1, 2016

SP500 Intraday Bull Market Review.

This is not the Mini SP500 and it is a cash chart which does not move during the night. It also shows a very different wave pattern, but the waves are also very impulse looking. If the bearish phase completed on the 11th of February, and if we believe that any bear market is just a correction to a bigger part of a bull market, than the SP500 should retrace 100% of its decline.  

This is a tall order, but when we look at the points we would need, the SP500 just has to exceed 2135 by a nose to qualify for complete retracement

Once this impulse fully plays out, then the herd should be bullish again and start to get back into the market as they don't want to be left behind. Any wave 4 correction could prove to be one tricky wave if a triangle develops. But as much as they can be a problem, they also forecast the end of a bigger run and another degree change must take place.