Still waiting for the S&P 500 (SPX) market to give us the next move. The Elliott expanding/running flat is still in the cards unless the TD Propulsion target at 1547.71 gets taken out. If there is a positive market reaction to tomorrow’s monthly US jobs number, then we’ll be top hunting the market as soon as the day of. If there is a negative response, then everything gets tricky because prices can take on different paths. It will be especially tricky if an expanded flat comes into the picture since that will imply SPX 1485 will be broken. For the sake of ambiguity, preference will be for a positive response to tomorrow’s job number.
Yesterday, Tom DeMark made a bearish CNBC media press release highlighting the above chart. He is showing a triple cluster of 13’s finalizing with an maximum exhaustion target of SPX 1567.40. This is the same target from yesterday’s post except that 1567 also fulfills Fibonacci targets as well. I shared the TD Sequential indicators on the monthly SPX chart on the March 4th post. There was a TD Sell Setup that is on track to complete a 9 next month. TD Sell Countdown could be due as soon as May. What is different on the current chart is TD Combo is also added. TD Combo is the sister indicator to TD Sequential and that is also nearing completion as soon as next month. The link to the brief DeMark segment > http://www.cnbc.com/id/100529792
Currently still favoring higher prices up to the SPX 1560 area but considering the 1547 TD Propulsion level is still intact for three days, I’m acknowledging the Elliott flat patterns are carrying more weight. (updated mid trading day)