My previous post for the SPX (S&P 500) can be found here:
A possible Elliott wave contracting triangle was discussed in the post to capture price action from January 29, 2018 to April 25 when the analysis was initially provided.
SPX (S&P 500) currently is sitting just above B-D trendline for the contracting triangle. The relative strength index (RSI) is also shown here and does have a rising, positive slope, which argues for more upside movement in SPX (S&P 500).
The projection of price action using this Elliott wave structure still stands as provided in the previous post. The ideal point of entry (POE) is placed at ~$2718.73 (dotted horizontal line) when price action attempts a break out above the termination point of wave D of the contracting triangle.
The point of invalidation (POI) of this analysis still stands as provided in the previous post.
My previous post on Litecoin (LTCUSD) to track its progression can be found here:
Litecoin (LTCUSD) Elliott wave analysis: 4 hr tf
Litecoin (LTCUSD) in the analysis was expected to produce one more sell off before resumption in the uptrend. Instead it produced a bullish trend upwards which is been determined in this analysis as a 5 wave progression. The price of Litecoin (LTCUSD) at ~$179.89 on May 5, 2018 is believed to have terminated an impulse trend.
The favored region of target for support is the 4th wave of the previous degree which is ~ $143.05. This also coincides with a support region for Litecoin (LTCUSD) as indicated by the horizontal blue lines between $143.05 and $139.16.
Support 1 and Support 2 from the previous post are also outlined here which is where Litecoin (LTCUSD) would be expected to find support should a further break down in price occur below $139.16.
The point of invalidation of this analysis is a price close above ~$181.00.
Cardano’s (ADABTC) price action was capture in a bullish channel in my previous post which can be found here:
Cardano (ADABTC) at the time of this post is testing the upper region of Support 1 at ~0.00003547, which also coincides with the bottom of the price channel. A break below the bottom of Support 1 could likely trigger a sell off to Support 2.
Cardano (ADABTC) successfully holding the bottom of the channel could see price reach the new target area between ~0.00004782 and 0.00004639
The relative strength index (RSI) is also shown here for the 4hr tf has a negative slope which implies that it is better to be patient to see how price action transpires before initiating a long (buy) position. A possible point of entry (POE) as indicated on the chart is on a breakout above ~0.00003769. This ensures helps to avoid trying to pick the bottom in case of further downside momentum for Cardano (ADABTC).
My previous post on Ethereum can be found here:
Boundary for the channel in Ethereum (ETHUSD) was redrawn after prices broke below ~$670.18 on April 30, 2018. Previous target area between ~ $818.71 and $839.68 was hit on May 5 with price returning to successfully test the bottom of the channel.
A break below the channel is expected to find support at Support A, which has been adjusted and is now placed between ~$685.23 and $646.08. Any break below support Area A would likely test support B ($623.62 and $597.60). Lines for the channel have been further extrapolated and this indicates that the new target for Ethereum to maintain its current bullish trend is ~$858.46 and $885.75.
My previous post on XRPUSD (Ripple) can be found here:
Elliott wave analysis of Ripple (XRPUSD): 4hr tf
It was mentioned in the post that XRPUSD (Ripple) would likely sell off and find support between $0.71 and $0.74.
The chart has been updated and any upward movement should be a bounce on the way to the mentioned support area for XRPUSD. Failure to hold Support area as shown on the chart could potential result in XRPUSD (Ripple) testing support area 2 (between ~ $0.65 and $0.62) as shown on the chart.
If XRPUSD (Ripple) does hold in the support area or Support area 2, it would terminate a minor wave X position which is shaping up so far as an Elliott wave combination (W-X-Y) structure. This implies that XRPUSD (Ripple) should resume another leg up as a minor wave Y which should see the price of XRPUSD (Ripple) resume its current bullish trend.