S&P 500 in Elliott soup

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It’s quite a time I do not update the Elliott’s view and here I am today. The moment of big choices is approaching and we can read it in the chart above (by AdvGet):

A long raising wave from mid February to mid August has completed. It can be either the final fifth wave of a long term count or the first wave of a more complex fifth wave.

In first case, we may expect a fast and furious downward trend to develop  quite soon, with the index targeting somewhere between 1750 and 1800. It should be quite a crash! So, what is now labelled A-B-C would become 1-2-3.

In the second case, the index has completed the (1) and we are inside a (2) that may find support above 2100 with a risk of a worst at 2080-90.  Then the bull market may regain strength and jump to some stellar targets that is even embarrassing to write here (we are talking of a minimum of 2340 and a most probable 2650 target, with a possible extension to 3000!).

At the moment, and since a long time, the A.I. model is embracing the second guess and continues to project the index long term higher, signalling a real possibility that the S&P 500 may reach 2700 and even 3000 in next 24 months.

 

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