SPX - Temporary rebound

The short term trend is still bearish but a rebound is likely with (maximum) target @ 1708.

Preferred scenario; wave y of upward wave [x] of y

First alternate scenario; Alt:x of Alt:[2] of Alt:c

ElwaveSurfer

SPX - Still down

Slight upgrade in the counting.
Considered that it is unlikely that the current bearish wave is an impulsive, the preferred count becomes: [y] wave of y minute of b minor in form of irregular pattern, while the first alternate scenario: Alt:y of Alt:[2] of Alt:c

First target 1669.

ElwaveSurfer

SPX - On the Fibonacci's support

SPX finds support @ 38.2% Fibonacci's retracement, but the down move doesn't seem finished.

 

We should be in wave [c/y] of c/y or in wave Alt:c of Alt:[2] .

 

Now one of the biggest dangers of instability in the financial markets could be the political and economic situation of Italy, where there is the worst government crisis since 70 years, with the country close to being commissioner by EU.

 

ElwaveSurfer

SPX - Always bearish implications

Congestion continues; for now the 38.2% Fibonacci support has held but it seems more likely a bearish breakout.

ElwaveSurfer

SPX - Bearish wave

We could be in the bearish wave [3] or Alt:c

SPX - Still in correction

Preferred count: wave [2] of c is in progress
First alternate count: we are in Alt:c of Alt:[1]

Have a great trading day...with care!

ElwaveSurfer

SPX - Correction in progress

The first downward wave ( 1 or a ) seems to be ended or close to completion (@ 1690?).

ElwaveSurfer

SPX - Downward move of minute or minuette degree in progress

After last week's illness (colic liver), I hope to resume the usual daily posts.

-----------------

The market seems to have reached a very short term top of minute or minuette degree.

Preferred scenario: after the top of b wave, a downward move has started; the b wave pattern could be an irregular or a running flat.
First alternate scenario: after the top of Alt:[1] of Alt:c , we are in the pullback of wave Alt:[2] .
 First target: 1690.

Have a great trading day...with care!

ElwaveSurfer

SPX - Top's test

The upthrust in the last post has occurred and required the updating of the preferred count.

Now the first two scenarios have the same likelihood (at least up to 1710 that is the next target).

Have a great trading day ... with care!

ElwaveSurfer

SPX - Minute reversal less likely

The market seems ready for another upthrust, so the Alternate bullish scenario increases its chances.

Have a great trading day ... with care!

ElwaveSurfer