From my past analysis here and here I was focusing more on the bearish scenario, BUT price never broke down our support levels at 2445 or 2258. Price has risen now above 2480 and the bullish scenario has become the favorite one. However, I would like to remind that even if I see 2510 or higher as a possible target for the move from 2420 to complete, the bigger view remains bearish for a move below 2400.
In my twitter poll bears won….but in real life they are still losing….
#spx where to over the next months?
— Alexandros Yfantis (@alexanderYf) September 5, 2017
The downward move from its all time highs looks corrective in Elliott wave terms. Only an impulsive move would make the bearish scenario stronger.
The price formation on a daily basis looks rather bullish and bears should at best expect a pull back….The good thing for one with no position right now is that we have a clear support area at 2420-2450, that has been tested several times and produced a pattern of higher highs and higher lows. So what I see now happening? as long as the price is above 2450 I see this….
Once the target is reached or 2450 breached….that is a subject we will talk when it happens…..
