My prior post noted that the SPX probably completed a Elliott wave - Horizontal Triangle at the 5/3/18 bottom of 2594.
After completion of a Horizontal Triangle there is usually a strong thrust in the direction of the primary trend, which in this case is up.
Note that the rally from 2594 has been smooth and steady, which is typical of Elliott impulse waves.
If a post tringle thrust up is under construction we can expect the pull backs to be shallow. I this case, a 38% retrace of the 5/3/18 to 5/14/18 rally.
Note the SPX has made very little progress since the 5/14/18 top.
If Minute wave "ii" boxed is underway it could complete between 5/21/18 to 5/23/18.
Watch the 120 minute Stochastic as a guide to enter long positions.
Target for the post triangle thrust up remains SPX 3050 - which could be a very signifcant top.
After completion of a Horizontal Triangle there is usually a strong thrust in the direction of the primary trend, which in this case is up.
Note that the rally from 2594 has been smooth and steady, which is typical of Elliott impulse waves.
If a post tringle thrust up is under construction we can expect the pull backs to be shallow. I this case, a 38% retrace of the 5/3/18 to 5/14/18 rally.
Note the SPX has made very little progress since the 5/14/18 top.
If Minute wave "ii" boxed is underway it could complete between 5/21/18 to 5/23/18.
Watch the 120 minute Stochastic as a guide to enter long positions.
Target for the post triangle thrust up remains SPX 3050 - which could be a very signifcant top.