Still Impulsive – S&P 500 and Nasdaq 100 Elliott Wave Analysis
By Bennett Tindle April 22, 2021
We’ve recently seen an incredible breakout in the US market indexes, and many are wondering if and when we see a larger, 10%+ pullback. A few weeks back I discussed the idea of trading patterns, as opposed to focusing exclusively on the higher degree “count”. And while we are extended, we expect the current pattern formation in the indexes to continue HIGHER prior to any significant corrective pullback.
There is no debating the fact the wave structure and count possibilities off the March 2020 “COVID” lows remains subjective. That said, we can still see clearly identifiable AND tradeable patterns inside of this structure. The most recent impulsive trend originated off the lows seen in the first week of March, and we’ve yet to complete it. Until we see a correction that we can adequately pair up to the March 17th – March 25th pullback, we remain constructive and looking to the upside. Tune in as I take you through the charts, establishing key levels for validation, or invalidation of trend.
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