Expecting a further pullback? Different views show 1384.xx, 1380.xx, 1372.xx supports

13.03pm SPX@1370.0x
It might be the moment to get long for rebound playing. Target may be 1385.xx.
This play is for aggressive counter-trend players only.
=> My recalculation finds max target at 1380.xx not 1385.xx

Traditional view 
A big rebound at 1384.xx is preferred and would say bull is healthy.

However, the textbook target of the Rising Wedge is 1380.xx
But the textbook target of this H&S pattern is 1372.xx.

The Elliott bullish view may think that an abc corrective (of the 5 waves up possibility that began since the low of 4/23) is done or about done and a rebound is imminent.

The Elliott bearish view is getting more feeds to the possibility that wave C (of the corrective waves ABC that initiated since the high of 4/2) is dawned.

No comments: