Follow up to: Bearish Elliot Continuation Trade Plan. - by HoleyProfit (substack.com)
We’ve traded righty up to close to a double top. If the Elliot bear move is going to succeed it has to start now. While we can not know at this point if it will succeed or fail, we can now make a good forward looking roadmap for where the drop would be likely to go and in what style.
SPX triggering the Elliot setup by failing to make a new high and breaking under 4920 in a strong move would suggest a move down to at the very least 4700.
Let’s look at the potential move in more detail and possible swings after 4700.
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