SP500 Elliott Wave, 9 August 2017
Technical Analysis and Trading Strategies Video
Elliott Wave and the Trading Levels Technical Analysis
Our Trading Levels target for the top of this trend was 2,500 – what is called a Medium Level (ML25).
Today the SP500 cash market reached 2,490. Over the next two sessions if the SP500 stays within the supporting levels that is, Sub-Group2 (SG2: 65|72|80) 2465|2472|2480, if this SG2 becomes the retested resistance then the market has a turn in trend.
Elliott Wave Analysis: Wave v of (v) of v) of 5 of (3), so a top can now be in place, however I would like to gather evidence of a turn, that is the move down, the first intraday leg down which need to be five waves (impulse wave) however this is not enough to confirm, however the low of this Impulse will become the trigger for short trades.
Trading Strategy: will use Elliott Wave and Trading levels for the actual trade set up, that is the impulse wave low and the Trading Levels SG2
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