markrivest
Short

SPX Opening Call 1/3/17

SP:SPX   Der S&P 500 Index
176 8 11
The S&P             futures in pre opening are trading in the area of my original SPX             target zone illustrated in my post three days ago " Possible SPX             rally on 1/3/17.

If the SPX             opens in this target zone it could be an excellent time to short. Near term down side could be as much as a 20 point SPX             drop today.

In one to two weeks the SPX             could retrace to the bottom made on 11/3/16 at 2083.

Mark
So useful for me.
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markrivest tipua411
Hi @tipua411,

I'm happy to help. Please tell any traders you know about my posts.

Mark
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I was tempted to short around the 60 area but gut feel told me to hold back. Glad I did so. The sharp move upwards can become a three at 74/5 where C=A but I'm also uncertain about that.

I''m looking again at my original count up to 2313/7 for a five from the 2256 triangle. Counting back downwards from that 2313/7 the 38.2 Fib is in the 2254/6 area which ideally would be the end of wave iv leading to a 5th wave to the target. It's possible (and reinforced by the strong move of the past two days) that this is indeed still the ivth wave which might become a larger triangle or preferably a flat.

Of course this can also be a very strong B wave leading to lower lows.

I don't have any positions open and I'm happy to stand aside and just watch what develops for the time being.
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Hi @kunsan,

Thanks for letting me know.

Mark
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kunsan markrivest
@markrivest, if this is a 4th wave FLAT, then a series of calculations suggests that SPX will have to rise to around the 80/83 area in the middle wave before then falling to the 4th wave target at 54/6. If we do indeed see the 80/83 area then I'll be convinced the flat idea is in play.

The next Bradley date is Jan 8th which is expected to be a low. It might not be a new low, just a point lower than the high of 2277 reached at the last Bradley date.

Interestingly the next Bradley date after that is Jan 21st, the day after inauguration. Of course these Bradley dates are often unreliable, but I wonder if we'll get the flat LOW in the next few days followed by a slowly rising 5th wave into inauguration and another correction after that. Just musing aloud and not betting the farm on this idea.
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Hi @kunsan,

Currently the Nasdaq Composite has the clearest wave count.
I will be posting that count within a few hours.

Mark
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kunsan markrivest
@markrivest, another analyst has pointed out the possibility of an Inverted Head and Shoulders developing here. The neckline in the 74 area, the head in the 34 area. Interestingly the measurement upwards meets my W5 target of 2313/7 (40+74).

If so, this will be an abc to 74 or so, a pullback to my 54/6 W4 calculated target, then a W5 to 2313/7.

Might not happen, but interesting.
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Hi @kunsan,

The next two trading days could give us some answers as to the direction of the market.

Mark
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