Mini SP500 Daily Cash Chart Review

 

ESY00-June-7-2016

 

This is the cash chart of the Mini SP500 and is just used in lieu of an index. The June contract will be finished in 10 days, or sooner, after which we will swing into the September contract. With this chart, we still have not exceeded May 2015 highs, but we are so close to breaking out.   Now it becomes important for the SP500 to show some clarity, and not leave us with this mess of topping peaks.  This would kill any hope of a potential, wave two top,  in Intermediate degree.   In a perfect world, I would like to see a cleaner top, but I have to stop whining as this world is not perfect.  Elliott Waves will do everything in their power to constantly try and fool us, as no wave count is a sure bet.

This surely can’t go on forever and we have to see when this next set of 5 waves is going to complete. What type of pattern any decline makes is the most important thing as if they are corrections then another leg up will happen. For close to a year this market has gone sideways with virtually no real net gain. We need all the discouraged stock investors to head  into gold as it is pretty hard to ignore all the gains gold has made, while stocks bounce around like a wild rabbit!