SPX looking weak

Although the S&P 500 has been pushing hard for the last year, I think the omicron shakeout has brought a new short term correction.
I have laid out the wave count in the chart. This was the 5 wave cycles of the intermediate wave 5 of the primary wave 3 (not highlighted here). This is also been confirmed by the EW channel drawn in the chart. I expect S&P to finish this correction when it hits 4330. However before dip further there will be a relief bounce which will create a lower high at around 4700. Then after hitting the resistance we will have wave C which will bring extreme fear in the market to terminate at 4300. There the sentiment will be rock bottom, However, it will hide great opportunity for the grab pushing the S&P to new highs in q1 and 2 of 2022.
I drew two different scenarios for this.
Why do I care about S&P? Because it directly affects the crypto market.

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Komentar:

Last time, If you have followed my idea you would have pull off a nice 4% on the stock in a matter of a week. Which is great. However today I will publish an update as I am turining mor bullish and I think we may have a twist here.