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Elliott Forecast

Eric Morera

Elliott Wave View: SPX Is Close to Start A Pullback

June 3, 2022 By

Short Term Elliott Wave View in SPX suggests the index has completed a corrective cycle from January 2022 peak. The market bounced from the blue box area at 3807.95 where wave II finished. The rally from 5/22/2022 low looks like it is unfolding as a . Up from 5/22/2022 low, wave ((i)) ended at 3982.20 and dips in wave ((ii)) ended at 3875.00. Then wave ((iii)) extended doing a strong rally. Up from wave ((ii)) in lesser degrre, wave (i) ended at 3979.97, and pullback in wave (ii) ended at 3931.58. Rally to 4159.40 completed wave (iii). Slighly correction ended wave (iv) at 4116.96 and last push to finish wave (v) of ((iii)) and wave ((iii)) ended at 4167.60.

Next wave ((iv)) pullback dropped to 4073.04 and expect the SP500 to end wave ((v)) soon. Wave ((v)) could end in 4190 – 4227 inverse Fibonacci retracement area. This should complete wave 1 in higher degree. Afterwards, Index should pullback in wave 2 to correct cycle from 5/22/2022 low. Correction should unfold in larger degree 3, 7, or 11 swing before the rally resumes. As far as May 22, 2022 pivot low at 3807.95 holds, expect for more upside.

SPX 60 Minutes Elliott Wave Chart

SPX Elliott Wave Video

Source:-forecast.com/news/spx-close-start-pullback/

#elliottwave #trading #SPX

03/06/2022 1 EN

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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.

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Eric Morera

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