S&P500 ~ the evidence for a long term trend reversal...
On Friday we posted an update making a good case for a short term bearish scenario that would be followed by another rally to all-time-highs one more time. Today we are going to give traders the alternate scenario which is much more bearish than just short term. After 39 years of operating in the world of futures and options trading (with 35 years of that time spent studying the Elliott Wave) I learn one important lesson very early, which was, no matter how good the technicals and wave formations point to an indisputable conclusion for price movement going forward...there is always an alternate scenario that can happen instead. Once a trader identifies the correct wave count that the market is working in it then becomes rather easy to follow using all the rules and guidelines. These same Elliott rules will also alert you better than any other system known when you are wrong. Because of this we usually spend 90% of our time watching, looking for and calculating the alternate sce...