You may be correct if SPX is printing an ending diagonal, but there are nearby TD resistance projections up about 2545-2555, which could be hit if the specialists set a trap, as well as large degree fib targets much higher. Elliott Wave International has now given up on the idea that minor wave 4 could still be unfolding and counts both the DJIA and SPX as in the final leg v of a minor 5 leading into a generational top. "The DJIA is rising in Minute wave v (circle) of Minor wave 5 of Intermediate wave (5) of Primary wave 5 (circle) of Cycle wave V." EWI Oct 2, 2017
We'll see. A number of people I respect on this board strongly dispute at that count.
The Hurst, Elliott and DeMark technical tools are providing a fairly consistent message about the Russell 2000 but all point to either waiting (or just using starter positions with tight stops if one is aggressive) until price action gives a tell. A TD Price flip (a daily close lower than the 4 prior closes) would probably be a good signal. Here's this past weekend's RUT summary.
"The Hurst Peaks and Troughs using 1987 and 1998 start dates shows a multi-year peak around now. The daily chart printed a TD Analog sell signal and a TD Combination 13 sell signal on Friday. A TDSEQ sell 13 printed in the daily on Thursday. The DeMark D-Wave projection of 1484.95 on the daily was hit. Neither the weekly nor the monthly have Demark exhaustion signals. EW count challenge is to determine whether intermediate wave 5 is done. Price is currently well below the 1.382 expansion of intermediate 1-3 at 1667.52 or the 1.27.20 expansion at 1560. TD Supply lines on the Daily are at 1518.14. This could be the b top of an a-b-c correction to complete the C of minor wave 4. If so, we are at a 1.382 expansion of a. The weekly Williams 5-34-5 MACD is still bullish , but well below where it should be if we were at the end of minor wave 3, and near the zero line which if broken would indicate much more downward movement. The daily Williams MADC 5-34-5 is rising but is well below it’s recent prior high in late November 2016 suggesting this could be a wave 5 high. "
So far today there is mostly hesitation and Doji's but open interest has generally been declining. 30 year bonds appear to be bouncing off resistance on lesser volume as well as gold, silver, and the miners. We might be seeing multiple markets giving turn signals.
Opportunity knocks on your door every day-answer it.