The monthly, weekly and daily SPX charts will print or will have printed various forms of DeMark trend exhaustion signals (TD Sequential, TD Combo, TD Analog) at the end of the week. This is a rare kind of alignment. So the chances are increased that this time frame will print at least some sort of high.
Other work suggests that any high here will be of a short term variety. The Hurst analysis generally points to a brief decline/choppy consolidation into mid-late January before the upward trend resumes. EW counts and the Elliott 5/34 SMACD oscillator are consistent with a minuette or minute wave 3 wave high in minor wave I or III of intermediate 1 . Indeed the Elliott oscillator higher highs keep forcing revised counts showing higher degree waves are not done. The high 5/34 SMACD momentum readings at every degree of trend here strongly support a bullish view. If this is only a lower degree high there should be only modest decline or choppy period.
The .618 extension of primary wave I high in April 2015 from the primary wave II low in January 2016 is at 2171.28 in the SPX, which has not quite been reached. Various fib extensions from lower degree counts point to a 2770-80 target area for either minor 1 or minuet iii.
The 1.618 extension of Primary wave I is at 4185.21 so if the count that we are in Primary wave III is correct, then it is more likely that this would be the end of minuet wave iii of minor wave 1.
Edited by Geomean, 27 December 2017 - 01:17 PM.
