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Weekly Update 02/16/’19: This past week we could eliminate the last option I had remaining and focus on the “Wave-5 of wave-v of –1 is underway to ideally SPX2750-2790 (50% odds)” option. Now that price has moved into this ideal target zone, which I’ve had for weeks, it is now also time to see if there are other (more Bullish) options possible.
Daily Update 02/14/’19: Yesterday I wrote “a move below SPX2740 from current levels is a first warning wave-1/a has topped. A move below SPX2718 will be a serious second warning with confirmation below SPX2682 as than a possible subdividing minor-5 wave is also off the table.”
Daily Update 02/13/’19: Today minute-iii hit the 1.618x Fib-extension to the T (see Table-1) and now ideally minute-iv is underway to SPX2640 from which one last wave to ideally SPX2768-2776 should materialize. But betting on a final 5th of a 5th wave is always tricky and not very lucrative.
Daily Update 02/12/’19: Today the markets made my life easy as we can now focus on one count. I have for the moment no alternatives; neither Bullish nor Bearish. As the price action progressed I’ve been able to eliminate option after option and am now left with “minor-5 of intermediate-v of major-1/a underway” with minute-i, ii complete at SPX2718 and SPX2704 respectively.
Daily Update 02/11/’19: Today’s 8p range for the S&P500 is of course too small to allow for any major conclusions. Thus the two main counts as shown in the weekly digets remain in effect until one is disproven. Either major-1/a topped or it would want one more rally to SXP2750-2790.
Daily Update 02/07/’19: Yesterday I stated for the NAS/NDX “…the NAS made a marginal higher high today (2p), and then did drop below yesterday’s low; which could be a first tiniest sign of a larger reversal to come.” That indeed was correct, and price moved below SPX2710, then SPX2695 to bottom at SPX2687, which gave us the first warning of possible lower prices to come.
Daily Update 02/06/’19: The S&P500 opened at SPX2735, rallied to SPX2738, dropped to SPX2724 and closed at SPX2731. A total of 11p covered. That pretty much sums up this daily report because there’s nothing we can learn from the price action. As said yesterday we need to see below SPX2672 to tell top is in, with a first warning below SPX2695.
Daily Update 02/05/’19: The S&P500 gapped up above its 1.618x Fib-extension this morning as if it didn’t existed and traveled 2p above the SPX2737 cut-off I had for a possible wave-iii. Hence the preferred count is now that wave-v of 1 is underway to ideally SPX2750-2791.
Daily Update 02/04/’19: Because of the many small waves off the SPX2624 low there’s many ways I can Elliott Wave count the advance, and below are the two main options shown for the S&P500 as shown in the weekend update as well. Although I preferred a drop to SPX2685ish first, we only got SPX2699 today and thus the current wave continues to extend.