SPX Post-Covid 2020 correction during March lows, 5-Sequence Impulse wave followed by a corrective wave. Model with a 1D Chart fit through wave sequences.
5-Wave Impulse Sequence completed Dec. 21 - Jan 22.
"Ending Diagonal in a Bull Market" forms within the final primary wave sequence. (Wave 5 Yellow)
5 Wave corrective sequence (Waves 1-5 Blue) to find our first low represented in the first corrective primary wave. (Wave A Yellow) Feb 24th
Forms expanded flat by top of primary wave B (Yellow) by a A,B,C impulse wave, (ABC White) April
Primary Corrective wave C retraces to 0.38 Fibonacci Level
Failed impulse Wave A,B,C (White) June 5th-7th after 0.38 retracement
Formation of a "Double Zigzag" beings to take shape, impulse wave A,B,C (White) creates (X).
Lastly, the double zigzag formation is a sequence of ABCWXY, where (C) and (X) both share the same peak. If this sequence does represent a double zigzag, that means a new low represented by (Y) should be next in the sequence.
According to Fibonacci retracement levels based on wave formations, a zigzag pattern typically retraces anywhere from 0.50 - 0.79 Fib Level.
After confirmation of a double zigzag pattern, Fib retracements assume a 0.50 Retracement level for support, or near 3500 to assume the final variable in the sequence, (Y).
Not Financial Advice.
5-Wave Impulse Sequence completed Dec. 21 - Jan 22.
"Ending Diagonal in a Bull Market" forms within the final primary wave sequence. (Wave 5 Yellow)
5 Wave corrective sequence (Waves 1-5 Blue) to find our first low represented in the first corrective primary wave. (Wave A Yellow) Feb 24th
Forms expanded flat by top of primary wave B (Yellow) by a A,B,C impulse wave, (ABC White) April
Primary Corrective wave C retraces to 0.38 Fibonacci Level
Failed impulse Wave A,B,C (White) June 5th-7th after 0.38 retracement
Formation of a "Double Zigzag" beings to take shape, impulse wave A,B,C (White) creates (X).
Lastly, the double zigzag formation is a sequence of ABCWXY, where (C) and (X) both share the same peak. If this sequence does represent a double zigzag, that means a new low represented by (Y) should be next in the sequence.
According to Fibonacci retracement levels based on wave formations, a zigzag pattern typically retraces anywhere from 0.50 - 0.79 Fib Level.
After confirmation of a double zigzag pattern, Fib retracements assume a 0.50 Retracement level for support, or near 3500 to assume the final variable in the sequence, (Y).
Not Financial Advice.
