$SPX - Market Analysis for May 15th, 2018

With 2711 SPX taken out, I am assuming a top in place as wave d of 4 as my operative count, with the alternative that wave 4 bottomed at the May low and this is currently a wave ii pullback. The former should target at least the 200 day SMA again whereas the latter can hold closer to the 50 day SMA.

$SPX - Micro - May-15 0701 AM (30 min)
$SPX - Micro - May-15 0701 AM (30 min)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.