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SPX Reaches Ending Diagonal Triangle Target

SP:SPX   S&P 500 Index
When making a forecast take one step at a time. Focus on the immediate price or time target, wait to see if that target is achieved then focus on the next target.
This keeps you mentally flexible and able to quickly react if an unexpected scenario occurs.

On 9/15/17 I posted an SPX             intra day alert that an Elliott Wave - Ending Diagonal Triangle ( EDT             ) appeared to be nearing completion with a target zone in the SPX             2499.30 to 2500.30 area.
This target has been achieved and we can now focus on the downside target, which is this case is the point of origin for the EDT- the wave "iv" low at SPX             2491.
EDT's usually have a very sharp reaction in the opposite direction of their trend. If complete this EDT             took two trading days, a move down to 2491 could be accomplished in
just one or two trading hours.
Please see my prior posts about the extreme bearish condition of the SPX             . If there's a sharp moved down to 2491, it could be the start of a much larger move down within the next
thirty four calendar days. I will have more about this in future posts.

On 9/15/17 the SPX             reached its highest tick of the day very close to the end of the trading session. Normally when this happens
it is bullish , and implies continuation of the bull trend immediately after the open of the next trading day.
This has not been the case in recent trading days. Note the closing highs on both 9/12/17 and 9/13/17 the next trading day the SPX             gapped down.
I believe this unusual activity is yet another sign the bull trend is dying.
If the EDT             is complete, there is a high probability that the SPX             will gap down on the open of 9/18/17.

Also note that the EDT             overlapped the upper trend line - this is a very common characteristic of EDT's and it strongly implies the EDT             is complete.

In Elliott wave rules the third wave of any five wave impulse is never the shortest wave. The supposed wave "iii" of the EDT             is shorter than wave "i".
If wave "v" exceeds the length of wave "iii" then the structure is invalid and opens the door for higher prices. Use the point where wave "v" exceeds wave "iii" as the stop loss for short positions.

Mark

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