Wonderful how the Count 0-5 works out.
At P4, price should reach the U-MLH. But instead it turned south, leaving a void up to the U-MLH, which in a Pitchfork-Trader term is a "Hagopian".
The Rule Of Dr. Hagopian: Price will move more in the opposite direction than from where it came.
In this case, price came from the CL (Centerline). And therefore price moves...
SHORT this spread endlessly!!
Here is the Weekly
The "math" bears this out, readily! NIKKEI225 has a 13%-15% advantage - including FX - over the SPX. This is by far the best Equities/Risk spread out there if one must be long equities. (... which one ought Not to want to do under any circumstance, at these levels! :-)
Here is the FX component - USDJPY
SPX is approaching its resistance at 2882.8(61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance) where it is expected to reverse down to its support at 0.9319(38.2% Fibonacci retracement, 100% Fibonacci extension, horizontal swing low
support).
As you can see, we have a clear Wolfe wave pattern with MACD confirmed divergence.
The up move of S&P500 is near the end and can start open a Short position with first target around 2700 points zone.
I will update this idea.
Good Luck!
Sp500 is in a corrective wave named wave c which goes down in an impulsive manner in a 5 waves down.
we can be trading now wave 2 of wave 5 at 76.8 % fibo level then turning south to target 2474.
invalidation level is pointed on graph. good luck
The white fork is the major one.
Price flows according to it's path.
The blue fork is to watch for potential support/resistance within another dimensional (more sideways) flow.
However - I see price coming down to at least the L-MLH of the white fork.
May the forks with you §8-)
P!
