For reference to the S&P500 wave structure at January 2018.
Price has moved higher for Monday, which is exactly what was expected from last analysis.
More downwards movement for Friday was expected.
Second S&P 500 Grand SuperCycle Elliott wave analysis, from 1871.
A bounce was expected to turn up within 24 hours, which is what has happened.
A new high above 66.65 has substantially reduced the probability of the main Elliott wave count and increased the probability of the alternate. This week the two wave counts should be swapped over.
A downwards reaction was expected after yesterday’s strong upwards movement. This is exactly what has happened.
The main hourly wave count expected upwards movement but the target at 1,349 was inadequate.
Specific trading advice is given today for GDX, which may have today broken out of a symmetrical triangle structure.
Upwards movement fits the alternate hourly Elliott wave count.
With support now from volume today, the hourly wave counts for the short term picture are swapped over.
Upwards movement to a target at 1,338 was expected for Monday. So far upwards movement has reached 1,337.79.