My last post noted there could be a post triangle thrust up to SPX 2492.
The rally on 8/4/17 terminated at 2480 well below the bulls-eye target.
Its possible that the SPX opening rally on 8/4/17 was an Elliott wave truncated 5th wave.
If so the pattern is very bearish.
Here is the plan for shorting the SPX on 8/7/17.
Best scenario is if SPX has opening rally into the target zone noted on the SPX chart, short into this zone.
Use SPX 2480 as the stop loss for any shorts on 8/7/17.
If the SPX opens above or later rallies above 2480 this opens the door to a move above 2484.00
If the SPX opens below 2472.10 short immediately.
If the SPX fails to rally to the target zone short the decline at 2472.10.
SPX has potential to decline at least 20 points on 8/7/17.
Mark
The rally on 8/4/17 terminated at 2480 well below the bulls-eye target.
Its possible that the SPX opening rally on 8/4/17 was an Elliott wave truncated 5th wave.
If so the pattern is very bearish.
Here is the plan for shorting the SPX on 8/7/17.
Best scenario is if SPX has opening rally into the target zone noted on the SPX chart, short into this zone.
Use SPX 2480 as the stop loss for any shorts on 8/7/17.
If the SPX opens above or later rallies above 2480 this opens the door to a move above 2484.00
If the SPX opens below 2472.10 short immediately.
If the SPX fails to rally to the target zone short the decline at 2472.10.
SPX has potential to decline at least 20 points on 8/7/17.
Mark