Long Term Still Looking Great On the monthly-timeframe, S&P 500 is on an ever extending up move. In the last twenty years, markets had two major melt-downs and two major tops excluding the current rally. These reversal points formed a nice looking rectangle trading box for the S& 500. The upper limit is bounded by the highs of…
Ralph Nelson Elliott noticed in the 1930s that the up-and-down movements in the stock market prices have identifiable patterns. Based upon these observations, he deduced a wave structure that he named The Wave Principle and published a book in 1938 detailing it. Now it is known as Elliott Wave Principle. After Elliott died in 1948,…
Directional Bias For The Day: S&P 500 future is drifting higher, high probability for a positive day On 30-minute, S&P 500 future is carving out a rounding pattern; a break above 2183.00 for S&P eMini future will be bullish Critical support levels for S&P 500 are 2177.85, 2173.80 and 2169.76 Critical resistance levels for S&P 500 are 2185.44, 2188.98 and…
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