My primary Elliott wave count that was illustrated in my prior SPX Elliott wave post has been eliminated with today's SPX move below 3028 which was a supposed wave "1" up. While the primary count is no longer valid, the case for a continuing bull market is still the most likely scenario. This is based upon the bullish momentum and seasonal patterns discussed in my prior posts.
The strongest piece of bullish evidence is the SHCOMP which I noted in my 2/26/20 post. This index is moving up while it should be plunging.
In the short term SPX momentum indicators are at oversold levels where prior bottoms have been made.
I will have an updated Elliott wave count after there's more data.
Where are your SPX posts or any stock market posts?
You are quick to insult yet don't have the courage to post opinions on the stock market.
AF_D
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@markrivest, There are times when the market gets ahead of itself and sometimes behind. Maybe it was ahead of itself and coronavirus was a catalyst. There might be some damage to the global economy, however I’ll never understand the outright pessimism by some people. Do these people not believe in our system? I think you’re fighting an uphill battle with eternal pessimists.
Alirezaaa
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If situation gets normal will come back easily to this support/resistance line. but in the time of market crash should look at big picture. you are the trader and you for sure were ready for crashbased on increadibly high monthly stochastic RSI and 10yrs cycle. Then why thought small?
Alirezaaa
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msamal316
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Indicators are way oversold. NYMO closed -127 today compared to -110 on Dec 24, 2018.
BUT market never recovers from serious selloffs on Friday, and not on Monday; may bounce on Tuesday or Wednesday next week.
If rate of fall continues, SPX could be around 2750 by Tuesday.
z3m25
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@msamal316, I agree, Fridays are when people dump which is the best day to buy. However, Monday is typically an up day, time to sell. If we go south close to 2855, I'm gonna go long over the weekend.