S&P approaching initial target for wave i of 3 off the June low.
Green count is my preferred count. This count has an extended 5th wave of i, but targets the 61.8% extension of 1-2 which is a typical target for i of 3. The more bullish white count is also possible, assuming a high consolidation that takes out the presumed near-term top. The move to green (iii) works better as 5-waves with AH data than in cash (e.g. SPY chart). Yellow expanded flat with deeper wave c of 2 looks more probable on other indexes (e.g. IWM) but also feasible here. Directly taking out 2185 and 2191 with strong volume would suggest a more bullish posture than even the white count shown.
Special thanks to Avi Gilburt and team at www.elliottwavetrader.net for their assistance with this chart.
Green count is my preferred count. This count has an extended 5th wave of i, but targets the 61.8% extension of 1-2 which is a typical target for i of 3. The more bullish white count is also possible, assuming a high consolidation that takes out the presumed near-term top. The move to green (iii) works better as 5-waves with AH data than in cash (e.g. SPY chart). Yellow expanded flat with deeper wave c of 2 looks more probable on other indexes (e.g. IWM) but also feasible here. Directly taking out 2185 and 2191 with strong volume would suggest a more bullish posture than even the white count shown.
Special thanks to Avi Gilburt and team at www.elliottwavetrader.net for their assistance with this chart.