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Just as an aside………I find it oddly comforting that, after being wild-eyed bears from 2009 through 2015, that Elliott Wave is now firmly on the bullish/new lifetime highs camp. It’s bizarre. I just thumbed through their latest forecast, and it’s more bullish than you’d expect from the likes of Jim Cramer.
Anyway………
Each candle on the SPX chart below represents 1/4 of one year.
Further to my post of June 27th, and, as shown on the following updated 20-Year Quarterly chart of the SPX, the 2016 Q2 candle closed today at a higher level than — on what was a previously potential bearish hanging man — the Q1 candle. This bearish reversal warning was not confirmed.
Instead, what we’re left with, at the moment, is a wide-range high-base consolidation for the past 6 quarters, with price now near all-time highs.
