Eliott Wave Analysis of S&P-500 (ES futures contract) by Sid from ElliottWavePredictions.com

Elliott Wave Analysis of the S&P 500 (ES futures contract) by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.

Here is a quick idea of what I’m expecting for the S&P, although, my preferred Fibonacci target of 1431 on August 17 would actually take longer to finish up than is depicted on the chart. At whatever price and day the turn comes, the main point I wanted to get across (to those with itchy trigger fingers) is that my count expects two separate MACD divergences (using 180-360 minute candles) before the top is in on the S&P. This prediction for the S&P agrees nicely with my expectation for the Euro, which is likely to start rallying within a day or two, to complete waves 1, 2, 3, 4, & 5 green before the long awaited trend change finally arrives.

To see how well my system of using Elliott Wave assisted by synchronization with MACD using multiple timeframes, see my last DJIA Elliott Wave count and projection from the May 25 post, which is still holding up nicely.

Expecting a final 5-wave upside impulse in both the S&P and the Euro gives us a primo opportunity to “sync up” our timeframes to the “gear” that the markets are running in, by finding the length of candle (45 minute – 60 minute – 90 minute – 120 minute – 180 minute – 240 minute – 360 minute. etc.) that best matches up the wave-3 extremes to the MACD histogram and MACD line extremes. Once the correct synchronization is in place, we can patiently wait for the proper MACD divergences, depending on how many 4-5’s we need to see to complete the Elliott Wave count. By the way, this is the sort of thing I teach in my “LIVE” weekend webinars. I hope you can join me for one soon!