Stock Market Top May Have Been Made on Friday..
Stock-Markets / Stock Markets 2016 Jan 27, 2016 - 11:32 AM GMTShortly after 2:20 pm, SPX made its intra-day high at 1906.73. From a Cyclical view, last Friday’s high at 1908.85 was the high, consuming exactly 17.2 hours from bottom to top.
Today’s high counts well as an Elliott Wave [c] of 2, but it appears truncated. Short-term resistance is at 1900.28, with SPX now below it. The daily Cycle Bottom resistance is at 1898.86. These resistances are somewhat elastic, but they appear to be holding.
One of my earlier projections was that the rally may take 4.3 days. The top was made at 29 hours, so that projection appears to be confirmed.
We are approaching the 3:00 hour when institutions either will be buyers or sellers. A negative close may confirm the turn.
Regards,
Tony
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