Elliotts Wave on SSEC

I was also testing out Elliott waves on SSEC to try pin-point its position. While doing so I kind of understand that this is DEFINITELY not exact science, it is very subjective and your one presupposition of market play a part.


Fig 1 SSEC Weekly Chart

If I consider the whole down trend move to contain a 5 wave pattern, which should fit wave A profile, Wave B would be a Zig Zag pattern of abc. If this is so, it is likely the B wave has completed and SSEC has began its C wave pattern.

Basing on this formation, at least from my point of view, SSEC completed its 1st and 2nd of C wave, it will be coming down with a 3rd and more agressive wave.

It is now resisted by its Gann Grid resistance of 3,325. While the 21-week moving average support at 3,081. While weekly indicators are turning up, its daily indicators ( not shown) are not as positive.Both RSI and Stochastic are toppish with possible down trend to follow soon.