#SPX = Daily Update = 16.11.2021 $SPY #investing $SPX #trading #ES_F #DowJones $NDX

As expected, the odds stayed bullish today and today’s candles confirmed the hypothesis. No changes in the short term outlook.

Yesterday’s update:



The daily candles in SPX and NDX canceled indecision of yesterday’s candles. DJIA is “still thinking”, but made a good bullish step.
The chances of a green day tomorrow are well over 50%.
Odds: Bullish

Elliott Waves

SPX/ES retraced 0.236 of the recent rally, the necessary minimum for wave 4, and possibly started wave 5. No changes since the previous post.

Currently I am tracking three possible paths as shown on the chart above:

  1. Green (primary).
    Wave 4 completed. Target for wave 5 – $4770-4810. Green rectangle.
    This is well aligned with the SPX swing alert on October 18 for target – $4750-4800.
  2. Red.
    Wave (1) completed. A bigger pullback to $4450-4600 in wave (2). Red rectangle.
  3. Blue.
    The correction that started in September is not over. Possible wave C, targeting $4250-4300.

Good Luck!

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