SPX M – Wave 3 – D2 Confirmed, Sub Wave formation for breakout developing, MAP Wave Rules for M3 Met

Reports are now following fractal waves where title shows current MAP Wave Count and Outlook.

Monthly Trend Channels;

The SPX currently has 3 valid trend channels within which the 5 Monthly waves are expected to fall.

SPX M Bearish ChannelSPX M Bullish Channel

However prices have broken out so the break out channel is the most likely.

SPX M Break out channel

MAP Forks

M012

Prices broke the ML to make W1 and have broken out in W3 and held above the ML with only spike lows below. W5 is also looking highly probable to breakout so prices are expected to work their way to the MLU.

SPX M M012

Resistance and Support

In addition to resistance shown on the bearish channel we have the following resistance and support which will limit short term upside.

Prices have bounced off the W123MLU as shown.

SPX M3 W123

But still have a little upside potential to make the W234MLU. and support on the ML.

SPX M W234

As it does with the bullish SFW234, and again support form its ML

SPX M SFW234 (2)

M3 Target

Testing 2600 Q3 2016.

SPX M3 target

 

 

4 Responses to SPX M – Wave 3 – D2 Confirmed, Sub Wave formation for breakout developing, MAP Wave Rules for M3 Met

  1. Marc says:

    Update 24Nov
    Prices are working through the resistance of the MAP Forks W234 MLU, after breaking W123MLU and tested MFBW234MLU testing the Weekly Break Out TL.
    The wave structure supports the smaller scale count showing D1 is not yet complete, and prices being in either the 3rd or 5th wave.

  2. Bill C says:

    Trend channels on first 3 charts need to be defined somewhere. Still don’t have a clue how these were generated.
    02 Q45 MLU ? New terminology or typo? Don’t know what that is either.
    Chart 4 looks good for M012 fork. But W2 of M1 is either missing, or is it possible its aligned with Q4 (or Monthly pivot 0) as shown on the graph? This needs correction or some serious explanation.
    Chart 5 is nice for M123 fork, but why not highlight the center line (ML) too? That could become resistance if we get fairly large pullback.
    Chart 6 is nice, typo in label, should read W234.
    Chart 7 lost me again. SFW234? New terminology or typo? Don’t remember ever seeing this acronym and don’t know how it’s drawn.
    Guess chart 8 integrates main 3 sets of channels to watch

    • Marc says:

      Trend Channels – Will do next week when I am back in Kuwait.
      02 Q45 MLU – Sorry – did not explain – it is just a fork of the last 3 “big pivots as there is always expect to be a reaction sort of a summation of different wave fractals. No projectory value.
      Chart 4 – yes there are actually a few of these…. Reason is not clear yet but it is a pattern I recognised about a year ago but have no probabilities on it – gives an indication of potential wave count failure – i.e. 3 waves in the next trend. Sorry need to do more work on that, but by one of my rules if there is an anomoly like that it should clear up in the next bigger fractal – which in this case was M1. The pattern incidentally is repeated in W1/M3 on the D fractal
      Chart 5 – Oversight!
      Chart 6 – Oversight
      SFW234 – normal Schiff modified fork – If not in terminology will add it – basically MLL or MLU are 02TL and 01TL respectively

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