When will S&P500 finish its first correction wave ?!?
Hello traders!
I think we are all looking at the indices charts that keeps falling with the effect of the crisis and economy management from the Fed and central banks.
**According to Truflation, the inflation rate is at 11.4% in the USA**
This economic crash is not yet to stop, we will be experiencing crazy time in the incoming month and years...!
BUT ANYWAY, today we are analyzing the S&P500 with the Elliott Waves from the crash of the Covid-19, and what we can see is that:
ZOOM IN for a better view of the objectives that have been found for the end of the downtrend (light blue C of the ABC) :
1/// 4000 is strong by being the 100% of the ABC pattern
2/// 3900 is strong by being the 113% of the ABC pattern
3/// 3850/3825 is the strongest by being the 123%/127,2% of the ABC pattern and near the 38.2% of the entire Impulse Wave Retracement
ZOOM OUT for a better view of the overall structure of the S&P500
You can also check my analysis on the NAS100 where the structure is pretty much the same.
.
.
Please feel free to ask question and recommendations in the comment section, I would be more than happy to answer your questions
I think we are all looking at the indices charts that keeps falling with the effect of the crisis and economy management from the Fed and central banks.
**According to Truflation, the inflation rate is at 11.4% in the USA**
This economic crash is not yet to stop, we will be experiencing crazy time in the incoming month and years...!
BUT ANYWAY, today we are analyzing the S&P500 with the Elliott Waves from the crash of the Covid-19, and what we can see is that:
- The 5 of the Impulse Extended Ending Diagonal Wave has been confirmed the 22 Nov '21
- An EED have 5 waves that are subdivided into correction waves 3-3-3-3-3.
- In an expanding diagonal ending, wave 1 is small, wave 3 is medium and Wave 5 is long. - Since then, we are in an ABC pattern that we are about to finish in the incoming week
- For me, it is the first Wave of the correction pattern that we are about to be witness in the incoming month and until next year.
- Because the worldwide economy is not looking good, in my opinion I would say that we are finishing Wave W of a WXYXZ.
ZOOM IN for a better view of the objectives that have been found for the end of the downtrend (light blue C of the ABC) :
1/// 4000 is strong by being the 100% of the ABC pattern
2/// 3900 is strong by being the 113% of the ABC pattern
3/// 3850/3825 is the strongest by being the 123%/127,2% of the ABC pattern and near the 38.2% of the entire Impulse Wave Retracement
ZOOM OUT for a better view of the overall structure of the S&P500
You can also check my analysis on the NAS100 where the structure is pretty much the same.
.
.
Please feel free to ask question and recommendations in the comment section, I would be more than happy to answer your questions
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