Report
Eric Morera

Elliott Wave View: S&P 500 (SPX) Correcting Larger Degree

 

S&P 500 (SPX) has ended larger degree cycle from March 23, 2020 low (Covid-19 low) with wave I at 4743.9. The Index is currently in larger degree wave II pullback to correct the almost 2 years cycle. Down from wave I on November 22, wave 1 ended at 4652.66 and rally in wave 2 ended at 4702.87. Index then resumes lower in wave 3 towards 4585.43, bounce in wave 4 ended at 4672.95 and final leg lower wave 5 ended at 4560. This move lower also completed wave (A) in higher degree.

Wave (B) rally then ended at 4652.94 and Index has resumed lower in wave (C). Down from wave (B), wave 1 ended at 4575.42 and rally in wave 2 ended at 4599.05. Expect the Index to continue lower in wave (C). Potential target for wave (C) is 100% – 161.8% Fibonacci extension of wave (A) towards 4354.28 – 4468 area. From here, the Index should end wave ((W)) and start to rally in wave ((X)) to correct cycle from November 22, 2021 high before turning lower again. As far as pivot at 4743.9 high stays intact, expect rally to fail in the sequence of 3, 7, or 11 swing for further downside.

SPX 30 Minutes Elliott Wave Chart

S&P 500 Elliott Wave Video

Source:

#elliottwave #trading #sandp500

Provider
Elliott Forecast
Elliott Forecast

Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients. ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions. 

Analysts
Eric Morera

Other Reports from Elliott Forecast

ResearchPool Subscriptions

Get the most out of your insights

Get in touch