Typically wave "one" of a standard five wave impulse has a retracement of 60 to 66%. The exception is during
a post triangle thrust. In prior posts I've note that the SPX decline from its all -time high was probably an Elliott wave - Horizontal Triangle.
The triangle appears to be complete and a post triangle thrust up could be under construction.
The SPX low on 5/24/18 was 2707.38.
A .236 retrace of the rally from 2594.62 to 2742.24 is 2707.40 a near bulls- eye hit.
My work using the "Market Profile" method shows a very strong value area has been formed between SPX 2707 and 2734. If the SPX does not
go below 2690 - this value area could provide a base for a big move up of at least 200 points in the next two to three weeks.
A move above SPX 2742.24 could be very bullish.
Mark
a post triangle thrust. In prior posts I've note that the SPX decline from its all -time high was probably an Elliott wave - Horizontal Triangle.
The triangle appears to be complete and a post triangle thrust up could be under construction.
The SPX low on 5/24/18 was 2707.38.
A .236 retrace of the rally from 2594.62 to 2742.24 is 2707.40 a near bulls- eye hit.
My work using the "Market Profile" method shows a very strong value area has been formed between SPX 2707 and 2734. If the SPX does not
go below 2690 - this value area could provide a base for a big move up of at least 200 points in the next two to three weeks.
A move above SPX 2742.24 could be very bullish.
Mark