SPX - Close to a first bottom of minuette degree

Although we can not yet exclude the first alternate scenario described in the previous post, the movement of yesterday's session confirms the preferred scenario; wave [b] is ending, first target 1429-1427 therefore close to current prices.

The second alternate scenario considers the possibiliy of an extension of bearish c/y wave down to 1432 (50% Fibonacci retracement).

Have a great trading day...with care!

ElwaveSurfer

SPX - The last bearish wave has started

What I expected has occurred, with the full coincidence of my first 2 Elliott Wave counts.
According to my main scenario, the rebound is finished right on Fibonacci retracement of 50%, with an irregular a-b-c where wave c has a clear structure in 5 impulse wave, so Friday has started the last bearish wave [c].
My first alternative scenario considers the rebound like a bull wave [1] and now the market is in wave [2]  (this scenario is invalid under 1403)
Have a great trading day...with care!

SPX - Example of Elliott Wave intraday trade

From my premarket post, I suppose yesterday ended a 5 wave of [a ](preferred count) or 3 wave of b wave  (2nd alternate count) or 5 wave of c (1st alternate count).
All three scenarios have in common the assumption that I'm waiting for an impulsive wave in 5 movements ( a ,  2°Alt c  ,  1 ).
So I expect wave [1], which is in 5, and then there is an irregular [2] , a 3-3-5 pattern, which ends near a Fibonacci price and time cluster; at this point the situation from unclear becomes more clear. I have the full coincidence (very rare) of: pattern + price + time + momentum + cycle;
now my strategy is to wait for an upswing breakout and open a long position.
Target + 10, stop loss - 4.
A risky but successfull (and lucky) trade that only Elliott wave and Fibonacci ratios can offer.
See you tomorrow.

ElwaveSurfer

I follow the suggestion of Glenn Neely, I use cash data to analyze market behavior ; this involves less difficulty in deciphering an Elliott Wave pattern.