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Elliott Forecast

Eric Morera

Elliott Wave View: S&P 500 (SPX) Rally Expected To Fail

March 3, 2022 By

Short Term Elliott Wave View in SPX suggests the decline from January 4, 2022 high is unfolding as a . Down from January 4 high, wave w ended at 4222.62 and rally in wave x ended at 4595.31. Index has extended lower and broken below wave w at 4222.62 confirming wave y leg lower has started. Down from wave x, wave ((W)) of y ended at 4153 as a double three structure.

Wave ((Y)) rally is now in progress to correct cycle from February 3 high before the decline resumes. Internal subdivision of wave ((X)) is unfolding as a zigzag Elliott Wave structure where wave (A) ended at 4388.84 and pullback in wave (B) ended at 4279.54. Expect the Index to extend higher in wave (C) with internal subdivision as 5 waves. Afterwards, Index should also end wave ((X)) of y in higher degree and starts turning lower again. Near term, as far as pivot at 4595 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside. Potential target lower is 100% – 161.8% Fibonacci extension of wave w which comes at 3629 – 3998.

S&P 500 (SPX) 1 Hour Elliott Wave Chart

SPX Elliott Wave Video

Source:-forecast.com/news/elliott-wave-view-sp-500-spx-rally-expected-fail/

#elliottwave #trading #sanp500

03/03/2022 1 EN

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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.

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Eric Morera

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