Imad Ahmed writes: An Elliot Wave analysis of the long term SPX chart provides some guidance on where the markets may be heading over the next few months.

If this multiyear rally has finally topped, what we should be seeing next is a confirmation of the location of the blue X below.

Considering this X needs to line up with a similar pattern in the SPY chart (which has significantly outperformed SPX), the target for Green x will be at minimum in the SPX 1250 range.

There is no way to be sure the rally is over yet although we’re not seeing the same behavior in the markets as during the rally.

Imad Ahmed

© 2015 Copyright Imad Ahmed - All Rights Reserved
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