SP 500 FUTURES Formed a Bullish W and Can Climb Higher?

On both daily and hourly charts, the W formation is appearing; however, the confirmation is not quite there because the index failed to close above the previous all time high.  Maybe Monday will be the day to confirm the W.

4176 is key.  It will either become the support or the resistance.  We shall see.  Given the bullish market sentiment, 4176 will most likely become support.

This is the daily chart.

 
 
 

This is the hourly chart.

I am, by no means, an Elliott Wave expert or claim to be knowledgeable about it.  I just have a theory.  In the Daily chart below, I plotted the 5 waves.  If wave 5 is equal to wave 1, 4182 could be the high of wave 5.  On Friday, the Futures reached the high of 4186.

Wave 1:  3564 – 3264 = 300

Wave 5:  3882 + 300 = 4182?

Somehow, I think we may see 4200 or higher next week.  Anyway, this is just a theory.

 

 

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