Nice to see some analysis of the SPXThats right up my alley :-)I...

Nice to see some analysis of the SPX

Thats right up my alley :-)

I am working a setup that ideally needs a new ATH, so target above 1730SPX

If the market has a new high in store then it likely ends wave 5 of an ending diagonal (aka bearish wedge to non Elliotticians)

What does that mean? well it means if the ED idea is correct then on the new high a large reversal potentially is setting up.

One that could be similar to the top in 2000.

I can count it completed but it would "look" far better with a new ATH.

This setup is one of the reasons i am very bearish on the XJO

I think its a large B wave from the March 2009 lows, the XJO has failed to even reach the 61.8% of the 2007-2009 crash.

At the risk of getting abused and flamed lol, wave [Y] suggests it sees the under the March 2009 lows.

I hope there are no "funny mental" traders reading

No one sees the reversal till its too late, but history can provide some excellent clues.

Back in May 2013 i was looking for a move back to 4600-4700 on the XJO, the sentient was bullish as it was today, but as usual the majority never saw it coming till it was too late.

I am not a fan of these long term macro counts as they take too long to find out you are right, i tend to follow 4hr wave counts.

Thats where I make my $$$

But if those ideas are setting up for a reversal, it could be something that is impressive.

That wedge shape on the SPX is something i feel needs respecting.

Nouf