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Written by Glenn Neely
Author of Mastering Elliott Wave, Financial Forecaster & Trading Advisor
Founder of NEoWave Inc.
The guiding principle of Symmetricals, if starting upward, is that the majority of advances will be similar in price. Next, when viewed separately, the majority of declining phases will be similar in price to other declining phases but should have no similarity to the price coverage of the advaning waves.
On that attached chart, you can see waves-a, c and e are virtually identical in price but different in time (time is not a consideration in Symmetricals).
When looking at the declining phases, waves-b, d and f are currently similar in price but clearly different in time, which is common in such patterns.
If the S&P pushes to all-time-new-highs sometime this month (before cash breaks 4700), this Symmetrical will continue to be the BEST NEoWave choice to explain all price action since last October's low.
Overall, this structure suggests the cash S&P will continue to push up or sideways until waves-g, h and i are completed.
Sincerely,
Glenn Neely
NEoWave, Inc.
www.NEoWave.com
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