SPX - THE SAME PICTURE SO FAR
Spx entered this week similar pattern as in Nov13 and Jun14 - break of resistance from last top and forming new support - 2040.
Up limit is at the blue ew1-3 trendline, today running at 2075, support would be most likely at ema34, the range should stay very tight.
Spx has also broken the parallel ew2-4 trendline today, let`s see if it holds into next week or will come back as on 7/7/14.
Replay of pattern from Dec13 would give in this count end of w3 of terminal w5 at the end of 2014, then correction to 2040 and last move up to target for w5=w1 from 1821.61 at 2165.44, maybe around Mar15 futures expiration or earlier.
And then, who knows, hopefully the awaited big W4 correction of the W3 started from Oct11 at 1074.77, 38.2% somewhere in 1740/1690 area...
Up limit is at the blue ew1-3 trendline, today running at 2075, support would be most likely at ema34, the range should stay very tight.
Spx has also broken the parallel ew2-4 trendline today, let`s see if it holds into next week or will come back as on 7/7/14.
Replay of pattern from Dec13 would give in this count end of w3 of terminal w5 at the end of 2014, then correction to 2040 and last move up to target for w5=w1 from 1821.61 at 2165.44, maybe around Mar15 futures expiration or earlier.
And then, who knows, hopefully the awaited big W4 correction of the W3 started from Oct11 at 1074.77, 38.2% somewhere in 1740/1690 area...
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