Elliott Wave: Week of 8/20/18 - Steps to new Highs
Wave 5 remains in progress to new all time highs for SPX. So how do we get there from here? A map and use of Fibonacci levels frames a potential path to new highs in this week's graph.
There are two degrees to keep in sight that provide resistance and support as we move higher. Last week I wrote the pullback would be to 2795-2815 and we hit the middle near 2803/5. As we move upward we meet resistance at expected levels of 2852 and again at the old high of 2872. It may take sideways activity and a few attempts to cross into new highs, so the upcoming week may be one of back-and-forth movement.
Once we surpass resistance the question becomes how high does SPX go? The graph and map provides us with estimates using Fibonacci levels. Expectation is first to 2933/50 with another pause there. Eventual target is at 3083/3113 area, but there is time for that to happen later in 2018.
For now simply watch the struggle unfold. If we extend outside the boundaries this week I'll write a rare mid-week comment. The last two weeks of August are generally thin with many market participants taking vacation before the Labor Day weekend.
All the best.
There are two degrees to keep in sight that provide resistance and support as we move higher. Last week I wrote the pullback would be to 2795-2815 and we hit the middle near 2803/5. As we move upward we meet resistance at expected levels of 2852 and again at the old high of 2872. It may take sideways activity and a few attempts to cross into new highs, so the upcoming week may be one of back-and-forth movement.
Once we surpass resistance the question becomes how high does SPX go? The graph and map provides us with estimates using Fibonacci levels. Expectation is first to 2933/50 with another pause there. Eventual target is at 3083/3113 area, but there is time for that to happen later in 2018.
For now simply watch the struggle unfold. If we extend outside the boundaries this week I'll write a rare mid-week comment. The last two weeks of August are generally thin with many market participants taking vacation before the Labor Day weekend.
All the best.