S&P 500 reversing

Hi Traders,

The S&P500 (now at 1687) might be staging a Major Reversal on S&P500 as the Elliott Waves display an end-of-the-line pattern.

If this analysis is correct, we completed a typical pattern known as "the 5th-of-the-5th-of-the-5th-of-the-5th wave" which is, by definition, the best spot to start a major short.

The Wave Oscillator in the 4-hour chart shows a entry already (short). Not so from the the Wave Oscillator  built upon a daily chart.

ENTRY

There could be a minor rally to 1694-96 or so (1-hour chart): wait for this minor pullback before getting in.

TARGETS

likely: 1596
possible: 1530
maybe: 1417

TIMING

Note the Timing on the daily chart. This reversal was supposed to be on Aug 3rd (36 days) which, unfortunately fell  on a Saturday. Hence it was shifted to August 5th (38 days)

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FINALLY
check this analysis on Google Trading View or StockTwits (Google)




weekly chart - click to enlarge

daily chart - click to enlarge

wave oscillator built upon the daily chart - click to enlarge

 4-hour chart - click to enlarge

wave oscillator built upon the 4-hour chart - click to enlarge

 1-hour chart - click to enlarge

wave oscillator built upon the 1-hour chart - click to enlarge