A Microscopic Look At The Elliott Wave & The S&P 500

All indications suggest a final high in early 2020 of nearly 3750 SPX based on the Equality of Waves Principle of Waves 1 and 5 (time and price). If the final 5th wave is taken back to the Cycle Wave 4 bottom (666) that would portend an 82% drop just ahead (the 1929/32 drop was about 89%).

Regarding the Nasdaq 100, I see new highs into early/mid-October after the late Sept lows are put in. This new high will likely not be confirmed by the majority of indices.

Regarding GDX, there is a 10 week low due soon.While the daily indicators are negative, we may see an attempt to rally soon that will take GDX above the recent highs.

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