Weekly Technical Update S&P 500 - Friday, May 10

Technical Analyst & Trader • May 10, 2024 at 10:50 PM EDT

I updated the EW count for the current timeframe - the larger picture remains the same. I do begin to discuss the alternate view which presents a more "bullish"' look for the immediate time frame.

person using macbook pro on black table

Image Source: Unsplash

I updated the EW count for the current timeframe - the larger picture remains the same. I do begin to discuss the alternate view which presents a more "bullish"' look for the immediate time frame. A break above 5350 does begin to suggest the alternate view being in control. More on that as the count/ move progresses. I update the Fibonacci levels for the minute 4th wave now in progress the initial projections for a minute 5th wave to complete the minute 3rd wave.

Video Length: 00:28:28

More By This Author:

S&P 500 & Nasdaq 100 Elliott Wave Update
Nasdaq 100 & S&P 500 Elliott Wave Update - Wed, May 8
Nasdaq 100 & S&P 500 Elliott Wave Update - Tue, May 7

Disclaimer:

Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC Rule 4.41 – Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will, or is likely to, achieve profit or losses similar to those shown.