The SPX could make a Minor degree top on 2/27/17 in the area of SPX 2370 to 2378.
The wave count from the supposed Minute wave "II" has been hard to determine because it appears Minute wave "IV" is a Running Triangle. This is a Horizontal Triangle in which wave "b" exceeds the termination point of wave "a". Please see page 50 of the "Elliott Wave Principle"
There is considerable Fibonacci price and time evidence that support this wave count.
Minute wave "IV" retraced .226 of Minute wave "III" close to .236 retrace which is a common wave "four" retracement.
Minute wave "IV" was 52 trading days. Minute wave "II" was 82 trading days for a ratio of 52/82 = .63 very close to the golden ratio of .618.
The widest part of Minute wave "IV" was 67.40 The length of Minute wave "II" was 110.00
67.40/110 = .612.
The high from Minute wave "III" to the low of Minute wave "IV" was 43.90. The length of Minute wave "II" was 110.00. 43.90/110.00 = .399 close to a .382 relationship.
Minute wave "I" was 202.10 points x .50 = 101.05 added to the orthodox bottom of Minute wave "IV" at 2271.70 made on 2/2/17 targets SPX 2372.75 for Minute wave "V" of Minor wave "3" top.
There is a high probability that the Minor wave "3" top could be reached in the first 1/2 hour of SPX trading on 2/27/17.
My next post will examine Minute wave "IV" in detail.
Questions, comments, criticism, and likes are appreciated.
Mark
The wave count from the supposed Minute wave "II" has been hard to determine because it appears Minute wave "IV" is a Running Triangle. This is a Horizontal Triangle in which wave "b" exceeds the termination point of wave "a". Please see page 50 of the "Elliott Wave Principle"
There is considerable Fibonacci price and time evidence that support this wave count.
Minute wave "IV" retraced .226 of Minute wave "III" close to .236 retrace which is a common wave "four" retracement.
Minute wave "IV" was 52 trading days. Minute wave "II" was 82 trading days for a ratio of 52/82 = .63 very close to the golden ratio of .618.
The widest part of Minute wave "IV" was 67.40 The length of Minute wave "II" was 110.00
67.40/110 = .612.
The high from Minute wave "III" to the low of Minute wave "IV" was 43.90. The length of Minute wave "II" was 110.00. 43.90/110.00 = .399 close to a .382 relationship.
Minute wave "I" was 202.10 points x .50 = 101.05 added to the orthodox bottom of Minute wave "IV" at 2271.70 made on 2/2/17 targets SPX 2372.75 for Minute wave "V" of Minor wave "3" top.
There is a high probability that the Minor wave "3" top could be reached in the first 1/2 hour of SPX trading on 2/27/17.
My next post will examine Minute wave "IV" in detail.
Questions, comments, criticism, and likes are appreciated.
Mark