S&P500 Elliot wave ,bearish setup , Update 4

The market close on Friday with a big uncertainty.
we observed a smearing move up. I still don't know if it is an impulsive wave or a corrective because the waves have not unfold completely.
I think it is gonna be an impulsive wave as the characteristic shows.
in that case we will have a WXYXZ correction and probably this will be the last correction. we should know by next week the direction of the market
I will try to keep you update under this post as real-time as possible

Trade chiuso: stop raggiunto:

we hit the invalidation level. so the downtrend scenario is invalidated

Commento:

this could be the potential wave count, nothing is confirmed yet

Commento:

!5 min chart update

Commento:

5min char update
the current down trend can be an ACB or 12345. I dont know yet but the price will probably move up after that

Commento:

It is confirmed that it was a 5 way pattern

Commento:

are we going for wave E if a triangle ?

Commento:

Commento:

Commento:

Commento:

and this is the 5 min chart
I think we will get close tot he trend line

Commento:

Commento:

Commento:

Commento:

Commento:

Commento:

Commento:

Commento:

Commento:

wave 5 of smaller degree is complete we just need 2 more waves

Commento:

we have 2 scenarios here :
1--- the bearish one , ending diagonal

2- the uptrend one
I will stay with the bearish and if it invalidates I will switch to bullish one

Commento:

Commento:

Commento:

Commento:

the 3rd wave is confirmed , we are wave 4 I moved the invalidation level

Commento:

we have 2 possibilities
1- we finished teh abc correction for wave 4 and we will have an up trend
2- we are on the third way down

both are valid and I have labelled both scenarios on the chart

for now I consider the down trend as we have broke the triangle trend line but It needs to get confirmed

Commento:

confirmed. it looks like the end of the correction, we are on bullish count now

Commento:

Commento:

Commento:

Commento:

we have another wave for uptrend and that will be it

Commento:

possible target level and senario

Commento:

Commento:

Commento:

Commento:

Commento:

Commento:

1min wave count

Commento:

wait for triangle confirmation

Commento:

I am short now

Commento:

I cant confirm the down trend until it breaks the confirmation level. so far it was not successful but I am still so bearish

Commento:

this Sh*t is killing me ... when will you break ??

Commento:

Trade chiuso: stop raggiunto:

the bearish count just got invalidated