SPX: Bringing Awareness To A Much Needed Healthy Correction
Observations
Disclaimer
For informational purposes only and not deemed as financial advice
- We have entered the corrective 4th wave after a nice bull run on the 3rd wave (see impulse waves in pink).
- Per Elliott Wave Theory, if 2nd wave retracement is minimal, then 4th wave retracement will be much larger.
- In this scenario, the 2nd wave retraced to 0.382 fib. As such, we expect 4th wave retracement to be as much as 0.618 fib.
- We have bounced off the 0.382 fib and if that breaks down then expect to see it fall down to 0.5 fib (i.e 2431).
- Worst case would be a bounce off of 0.618 fib (i.e. 2328).
- Note: Any future projections at a larger scale shown here will not accurately indicate when those waves will end or commence. Charts always need to be updated as we get more data from the market.
Disclaimer
For informational purposes only and not deemed as financial advice
