spi premium , page-22

Hi Volt n all,

I know the dark art of EWT tends to get a few people cross, but lately I've had a few insights into how the momentum studies can aid in figuring out which wave is current in a larger EW count... this has been remarkably successful in predicting price movement on lower timespans in the last couple of weeks, and I provided an example of an hourly trend on the spi last week on XJO thread, and also had a squizz or made a study of a 15 minute uptrend on the AUDUSD detailed in the FOREX trading forum, if you would like some workked examples pre and post the fact...

These are also detailed in my blog... my favourite editor for creating posts for HC :)

anyways...

Here's my EWT/MACD momentum view
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as a bit of a giggle I have applied what I am starting to see regarding EWT (elliot Wave Theory) and the potential current trend formation on the SPX500 daily chart.

 back over June July, the macd began to signal an uptrend was due (ellipses on price and MACD moving averages highlighting divergence after down)

From what I have observed on a number of instruments in the last couple of weeks, I have added notes on the MACD to highlight the "clues" that suggest which EWT wave one is in...

I have observed lately that wave three is often completed around the 161.8 extension of wave 1 on price... currently giving an upside target around 1210.

Note this is IGMarkets representation of SPX500 so there will be some discrpency in price.

;)