SPX possible triangle progression (Elliott Wave)

29 Kas 2018

The short setup suggested in the last post failed. The market moved straight up for what looks to be W.C of the suggested Triangle pattern .

As of now it looks like we are in corrective W.4 of W.(C) of this pattern.

Strategy : We wait for the completion of W.(C) to the upside in the white resistance zone . Once the same is complete we will look for reversal signs to initiate shorts.

30 Kas 2018

Not

15 min. : W.4 either complete as a Running Flat or continuing as a Triangle, in either case expecting one leg up for W.5 and then a down move.

3 Ara 2018

Not

1H : Sharp upmove suggesting the possibility that the upmove may be an Impulse rather then a W.C of Triangle, we need a break above 2818 for the same, untill then existing longs should book partial and trail remaining.

4 Ara 2018

Not

15 min. : Looks like a Running Flat for W.b/ii :

5 Ara 2018

Not

1H : Expecting move up for W.x/iv :

6 Ara 2018

Not

4H : It seems we have just completed a W.x/b/i whichever the wave it may be a pullback is expected from here, hence longs can be added on a move outside the channel with SL a bit lower then the current swing low :

7 Ara 2018

Not

15 min. : So far so good, looks like we have a corrective pattern to the upside :

7 Ara 2018

Not

15 min. : Could be W.ii complete and W.iii down for impulse or a corrective continuation for W.x.