8/22/2017 Sp500 update

The SP500 made all time new high at 2490.87 on 8/8/2017, thereafter several series of sell offs took place.

http://schrts.co/hWM9xh

The elliott wave pattern is analyzed as following:

1. The 2490.87 high is assumed the top of wave 5-3
2. Sp500 is in wave 5-4 correction wave
• wave 5-4-A is finished at 2417.35
• wave 5-4-A includes A-B-C push down 
• wave 5-4-B is on going
• important fib levels to watch 
• 0.5 fib 2454.12
• 0.618 fib 2462.79
• in case of irregular correction pattern (flat correction or expanded flat correction)
• sp500 could overshoot to 2500 area 
• The support level 2440
• after wave 5-4-B finished, then we can project final down wave wave 5-4-C.

The conclusion: the current ongoing wave 5-4-B could stop at 0.5 fib, 0.618 fib, also potentially stop at 2500 area with a expanded flat correction.

Today sp500 breadth and volume oscillators made bottom divergence, the further upside of the index is expected. 

My personal opinion is not for investment purpose, but for education and illustration.