At min closing the gap at 2850 following the template from 2015/2016
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SO basically next week SPX has to establish a higher low vs 2533
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Essentially if correct, currently SPX should be in impulsive Wave C of irregular flat that started at the Feb low
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In the grand scheme of things, P5 leaning to ED of which current wave could be start of Wave 2 down. I expect summer to be big down but for this next week needs to hold and start bouncing
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Fasten the seat belts one way or the other
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Good early start on the preferred scenario
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The most bullish scenario is a classic 4th Wave triangle above rising 55wma which could be underway also. That one will target above 3000, but for now lets focus on 2850
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Essentially 2 grand options: W2 in ED or W4 in impulse
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55wma is at 2540 now and rising a bit. This should serve as a support
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Final estimates of GDP at 2.6% YOY and Final sales to domestic purchasers at 2.9% all at cycle highs in 4Q17
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Seems to me another test at 2570/2580 needed
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Nope, seems truncation yesterday as Trannies appear to have bottomed. Triangle as W4 still not invalidated
My mathematical model is giving this exact configuration for the coming crash.
Double top before crash, starting on May 3rd (around...).
Bottom (around -25%) end of August followed by a fast come back to the highs ...
Let's see if we're right.
However I've also bought a few puts for a possible crash coming next week. The gain expectation appears to be positive anyway.
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@HaroldChaat, I am also thinking timing in early May but lets see
Double top before crash, starting on May 3rd (around...).
Bottom (around -25%) end of August followed by a fast come back to the highs ...
Let's see if we're right.
However I've also bought a few puts for a possible crash coming next week. The gain expectation appears to be positive anyway.