S&P500 In a correction, within downtrend - Elliott wave
S&P500 may have found a temporary low at the 4223 lvl., as price made a sharp reversal afterwards, which we think is a corrective wave (4) in progress. Possible resistance for wave (4) is at the Fib. ratio of 38.2 and 50.0 and at the lower parallel channel line (4425/4486 area).
A new sharp, impulsive decline from the mentioned resistance area, would suggest a completed correction, and wave (5) of A underway.
If current bounce gets deeper and more complex, then higher degree wave A could have found a low at the 4223 lvl. and a bigger correction as wave B is underway. In this case wave B correction would retrace higher.
A new sharp, impulsive decline from the mentioned resistance area, would suggest a completed correction, and wave (5) of A underway.
If current bounce gets deeper and more complex, then higher degree wave A could have found a low at the 4223 lvl. and a bigger correction as wave B is underway. In this case wave B correction would retrace higher.
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