SPX shows a 5 swing sequence from July 27, 2023 high favoring further downside. 5 swing is an incomplete bearish sequence and the Index therefore likely extends lower. The drop from July 27 high unfolded as a . Down from July 27 high, wave ((a)) ended at 4461.33 and pullback in wave ((b)) ended at 4523.34 The Index extended lower again in wave ((c)) towards 4344.75 to complete wave W of the double correction. Wave X connector took the form of a zigzag. Up from wave W, wave ((a)) ended at 4443.18 and wave ((b)) correction ended at 4346.29. Wave ((c)) higher ended at 4532.26 which completed wave X.
The Index turned lower and broke below wave W, confirming the fifth swing lower is in progress. Down from wave X, wave (a) ended at 4430.83 and wave (b) ended at 4511.99 The index dropped further in wave (c) that should be near to end which completed wave ((w)). Once wave ((w)) is finished, the market should begin a wave ((x)) corrective rally in 3, 7 or 11 swing before it resumes to the downside. Near term, as far as pivot at 4532.26 high stays intact, expect further bearish movement in the index to find support in 3, 7, or 11 swing for further upside. Potential short term bearish target lower is 100% – 161.8% Fibonacci extension of wave W. This area comes at 4100 – 4269.
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November 28, 2023 By Short Term Elliott Wave in EURUSD suggests rally from 10.4.2023 low is in progress as a . Up from 10.4.2023 low, wave ((i)) ended at 1.0694 and pullback in wave ((ii)) ended at 1.0517. Pair then extended higher in wave ((iii)) towards 1.0965 as the 1 hour chart below shows. Pullback in wave ((iv)) ended at 1.085 with internal subdivision as a zigzag structure. Down from wave ((iii)), wave (a) ended at 1.0882 and rally in wave (b) ended at 1.0917. Wave (c) lower ended at 1.085 which completed wave ((iv)) in higher degree. Pair has turned higher in wave ((v)), bu...
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November 28, 2023 By Hello fellow traders. In this technical article we’re going to take a look at the charts of USDJPY published in members area of the website. As our members know USDJPY has recently made pull back that has unfolded as Elliott Wave Double Three Pattern. It made clear 7 swings from the November 13th peak and completed correction right at the Equal Legs zone . In further text we’re going to explain the Elliott Wave pattern and forecast Before we take a look at the real market example, let’s explain Elliott Wave Double Three pattern. Elliott Wave Double Three...
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