S&P Futures Weekly Price Action & Technical Analysis as on 17-JUL-2016

After more than a year, the all time High of 2134 has finally been taken out. The whole Yearly correction since 2015 can be considered as a corrective Elliott Wave 4, while now we might be “officially” at Elliot Wave 5 of the Bullish market since March 2009.

As mentioned in the last review, except for the Quarterly bullish pinbar (target at 2250~) there isn’t any bullish price action setup on the smaller Weekly and Monthly timeframes and the last major Weekly price action was a megaphone, so it won’t be surprising to have soon a big corrective and consolidation phase of a Quarter before going probably higher to 2250.

The weekly bar has penetrated the upper Bollinger Band considerably. The coming week is going to penetrate the upper band as well, so it is not correct to look for bearish signs on the Daily timeframe not to mention the Weekly, at least not before there is a contra bearish Weekly bar that ends very weak.

The important resistance levels above are the 138.2% extension level of the last Daily bearish move (the BRexit reaction) – at 2172, the forming AB=CD pattern on the Daily timeframe target at 2189 and the 161.8% extension level of the BRexit reaction at 2205.

S&P Futures, Daily chart (at the courtesy of prorealtime.com)

S&P Futures, Daily chart (at the courtesy of prorealtime.com)

 

 

Disclaimer: Anyone who takes action by this article does it at his own risk and understanding, and the writer won’t have any liability for any damages caused by this action.

Gil Ecker

getrade8@gmail.com

Market Analyst and trader

You may also like...

Rules of Discussion on S&P Futures Weekly Price Action & Technical Analysis as on 17-JUL-2016

1. This forum is for discussion of financial markets. Please respect others view even if they are contrary to you.
2. Member's comments should lead to value addition in forum discussion.
3. If anyone is found making repetitive Explicit/Abusive/Racial comments, his account shall be banned and old posts will be deleted.
4. Providing Advice/Recommendations/Tips is fine but it should be free. Members cannot ask to be paid for it. Paid Advice is stricly prohibited
5. Spam links are not allowed. Too much promotion or using Contact info in ID will lead to account ban.
IMP : Memebrs are requeuested to flag any violations to keep Forum Clean