At the open today 8/29/17 the bears had everything going for them yet the decline ended in the first minute of SPX trading.
It now appears an Elliott wave Leading Diagonal Triangle bottom was made at SPX 2417. Todays low could be wave "b" of a developing wave "(II) up. If rally continues watch the area around .618 retracement of the decline from 2490 to 2417.
9/1/17 is the big US payroll report. Today SPX broke above .618 resistance zone.
Next resistance is at SPX 2474.90 chart top which is very close to .786 retrace of SPX move from 2490 to 2417.
2475 is the next resistance zone to watch.
Wait until after 9/1/17 report comes out to see if that resistance zone holds.
If it does very good chance for next decline which could go below SPX 2417
Mark
nheminism21
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@markrivest, thanks Mark..always a pleasure reading your stuff and thank for sharing
nheminism21
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great work...right on the money...thanks Mark
Neilxu
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totally agree
TheSwinger
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Thanks Mark,
Appreciate the timely update. This goes to show how extremely dynamic the markets can be. Always keep a flexible mind when approaching it. I can clearly see that leading diagonal and how the next target could potentially hold true. Cheers.