YET, EW worked again in this probably 2009 to 2018 Bull Market peak.
I need to apologize that my post last April 2018, was not explained completely, I just posted my chart indicating:
option A: Primary Wave V peak of entire bull market (75% chance)
option B: Primary Wave III ended last Oct2018 and Primary Wave IV correction is 31.8 to 50% fibo which set target downside of:
31.8% 2250
50% 2063
61.8% 1830
Let me show some detailed information:
Elliot Wave consist of 5 Primary Waves and 3 Waves Down
1 rally
2 correction of 38.2%, 50%, 61.8% or so
3 big big rally
4 correction of 38.2%, 50%, 61.8% or so
5 end of bull market
A Bear market correction of 38.2%, 50%, 61.8% or so
B Bear market rally of 38.2 to 50% usually
C Bear market bottom
In this weekly chart
Primary Wave 3 = 1.618 of Primary Wave 1
Primary Wave 5 = 1.618 of Primary Wave 1
Primary Wave 5 EXACTLY = PRimary Wave 1
Primary Wave 2 = 38.2% correction of Primary Wave 1
Primary Wave 4 = in between 23.6% to 38.2% correction of Primary Wave 3
A very healthy bull market and a perfect 100 for EW traders. Imagine 9years of bull market with Fibonacci connections with each other. "perfect combinations"
Looking into the short term:
Positive side: short term support FOUND
2300-2350
1. Uptrend line support since 2009
2. 50% Fib
3. M Wave3 of Primary 4
4. RSI at 19.20
Negative side:
1. if S&P breaks below 2300
next target is Primary 3 high of 2100
2. if S&P breaks below Primary Wave III 2100
might as well confirm Bear Market/Recession
2300 level of S&P500 is another key level, if it breaks 2100 is very probable.
