Please try another search
I have been using this monthly Elliott Wave chart on the S&P 500 as a guide for nearly 4 years now. Pulling it out occasionally to remind traders of the big picture and how far the trend can run. Back in November 2010 I measured a 161.8% extension of the first leg higher after the financial crisis to get a possible target of 1923 for the S&P 500. This was a high level analysis. It has now hit that target. So is it time to sell everything? No, not yet. Keeping it high level here are a few reasons why.
Elliot Wave would suggest that when the end of Wave (III) is reached then we can expect some sideways action for a while before a Wave (V) thrust higher. None of this is a guarantee, but do you really want to just blindly sell now?
There are many other features here that you could use to analyze this chart. But keeping it simple and high level, it is not time to sell yet.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
The Russell 2000 (IWM) has been defending its 50-day MA over the early part of 2024, but the last few days have seen a shift in this support with 'sell' triggers in the MACD and...
If you had been following the S&P 500 closely this past week, it likely would have left you scratching your head if you were trying to align the news with the market action. For...
Consumer instinct is a wonderful attribute to have and is generally talked about when considering stocks to buy.What Is the “Consumer Instinct”? “Peter Lynch is one of the most...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.