SPX Going Lower Than Low of October 22

Here's what SPX looks like according to my Elliott Wave Theory analysis.

The end of Wave C of Corrective Wave A-B-C is 100 percent projection level of Wave A. This is also where there is support. Wave C can go up to 123.6 percent projection level.

Details of Waves A and B:

And this is what Wave C may look like (currently, Wave 1 - a leading diagonal - of Wave C in formation):

After Wave 1 is complete, there will be a sudden spike forming Wave 2, which may go up near the high of July this year because of false optimism that bear trend is over. And that's when the sharp move down (Wave 3) will begin.

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4 hour chart of SPX after the downtrend started in July this year.

Wave 3 (red coloured) of the Wave 5 (yellow coloured) leading diagonal is forming. Since it's a sharp move down, I am anticipating that Wave 3 (red coloured) is continuing.

Wave 5's (yellow coloured) projection is based on 100 percent projection of Wave 3 (yellow coloured).

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15 min chart

Today, 5th wave is forming. 4th wave got completed yesterday.

5th wave is 100 (to 161.8) percent projection of 3rd wave which is around 4100.

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Hourly chart

5 waves of last wave complete. Hammer candle at 4100 level. Upward movement should begin now.

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