My primary Elliott wave count that was illustrated in my prior SPX Elliott wave post has been eliminated with today's SPX move below 3028 which was a supposed wave "1" up.
While the primary count is no longer valid, the case for a continuing bull market is still the most likely scenario. This is based upon the bullish momentum and seasonal patterns discussed in my prior posts.
The strongest piece of bullish evidence is the SHCOMP which I noted in my 2/26/20 post. This index is moving up while it should be plunging.
In the short term SPX momentum indicators are at oversold levels where prior bottoms have been made.
I will have an updated Elliott wave count after there's more data.
Mark
While the primary count is no longer valid, the case for a continuing bull market is still the most likely scenario. This is based upon the bullish momentum and seasonal patterns discussed in my prior posts.
The strongest piece of bullish evidence is the SHCOMP which I noted in my 2/26/20 post. This index is moving up while it should be plunging.
In the short term SPX momentum indicators are at oversold levels where prior bottoms have been made.
I will have an updated Elliott wave count after there's more data.
Mark