S&P 500. End of the line?

Hi Traders,

The S&P 500 is reaching some important cornerstones:

• it entered the area 1690-1730, a target established long time ago
• it almost reached a Gann Time Turning point (on a daily chart)
• it almost completed the so called "5the of the 5th of the 5th"

If this analysis is correct (please compare with your own analysis) the S&P 500 might start a major correction, possibly within 2-4 trading days.

TARGETS:

up to the area 1690-1730 first

then

down to 1596 first, then 1530 and well below

ENTRY POINT

• wait for the reversal candlestick in the 4-hour chart and in the daily chart
• wait  for the 'wave oscillator' in 4-hour chart to give you a confirmation.
• possibly, wait for the awesome oscillator to confirm as well.

ELLIOTT WAVES

Note - in the weekly chart below - the S&P500 almost completed the so called "5th of the 5th of the 5th"

GANN

Note the "Gann Grid" - in the daily chart - showing July 26th (in US time frame)

weekly chart, click to enlarge

daily chart, click to enlarge

4-hour chart, click to enlarge

 1-hour chart, click to enlarge