On Sunday I said ... unless some extended Elliott Wave shows up, it's time to short the S&P500 ... Well, the extended wave actually showed up. If this is true, it's now the time to reverse to bullish.
The Elliott Wave count is now slightly different as you can see in the weely chart below. The last two waves (top right of the chart) have been renamed 3 and 4. Clearly, we now need the last jump up, meaning the last wave 5 up.
Possible targets: 1530, 1628, 1740, 1755 and 1855, the most likely target area being 1740-1755.
The daily chart below shows that the last wave 4 unfolded in a Zig-Zag made of 5 waves. It also shows that the absolute top was nothing more then the top of the extended wave 3.
The 4-hour chart below shows the 5 waves down forming the big pattern of the above mentioned wave 4. Note the double bottom formation (bottom right). Note also the channel being touched 4 times. All of these being evidence of a reversal.
The channel in the 1-hour chart below show 4 contact points followed, as usual, by a bullish breakout.
The 15min chart below that shows the breakout is, at present, made out of 3 waves up (out of 5)