S&P 500 E-Mini, Daily Chart 2015-2017 Review

 

 

Most of 2015 was a 4th wave correction, which was a real challenge to get in real time, or close to real time. Spikes to the downside sure helped, as early 2016 showed us with two spikes. This is what I look for when a bearish move comes to an end.

What followed in early 2016 was another mess of waves that I can only fit into diagonal type wave structures. These are made up with zigzags that they can be very ugly to count out, as they can also extend at any time. 

This all brings us up to a new record high on January, 26th, 2017 at the 2300 price level.  The Mini S&P 500 also started down with a gap and so far is acting to script. The move so far has been miniscule, when we look at it from a daily chart perspective, so we don’t want to jump into a higher degree too soon.   

I did put up the Cycle degree wave III at this time and hopefully it will hold. It may still take all of February for this top to become more clear, but at this time we have no double or triple tops we have to sort out.   There is not much of a difference except this SP500 index does not trade during the night. 

Any sizable correction could take us to the 1,300-1,100 price range, which is back to where the great stock mania started from in 2011.