At the close of 1/31/17 the 15 minute SPX appeared to be in wave (c) up of an Elliott Wave Expanding Flat. It the count is correct wave "iii" is still forming with a subsequent "iv" down perhaps forming a few hours before the FOMC announcement. Followed by "v" up into FOMC.
A .618 retrace of the decline from 2301.00 = 2288.00
Wave (c) will be 1.618 x wave (a) = 2290.00
If SPX can rally into this zone it could be very important resistance.
Mark
A .618 retrace of the decline from 2301.00 = 2288.00
Wave (c) will be 1.618 x wave (a) = 2290.00
If SPX can rally into this zone it could be very important resistance.
Mark