Home · Business · Sep 8 archive
Elliott Wave: S&P 500 May Conclude Impulsive Advance Before Larger Correction
Developing
In Short: The S&P 500 is nearing the end of a five-wave impulsive sequence, according to technical analysts, but a break below 7611.07 suggests a double correction could continue.
The short-term Elliott Wave view for the S&P 500 (SPX) indicates that the cycle from the June 9 low is approaching maturity, according to Actionforex and Fxstreet. If the Index breaks below 7611.07, it implies that wave (iv) is undergoing a double correction, as detailed by Actionforex.
The structure is close to completing a five-wave impulsive sequence, with wave (i) ending at 7579.93, followed by a corrective decline in wave (ii) that finished at 7313.92. The Index then advanced in wave (iii) to reach 7816.7, as shown in the one-hour chart. A subsequent pullback unfolded, and wave (iv) is proposed to have completed at 7611.07.
At this stage, the Index must break above the prior peak at 7816.7 to rule out a double correction, which would complete wave (v) and finalize the cycle from the June 9 low. Once wave (v) concludes, a larger three-wave correction should follow, providing a necessary reset before the next directional phase develops, according to Actionforex and Fxstreet.
The level at 7611.07 therefore serves as a critical pivot, guiding whether the current cycle ends with wave (v) or extends the corrective sequence in wave (iv). In the near term, as long as the pivot at 7611.07 remains intact, the expectation is for the Index to extend higher, with further consolidation required before the rally resumes, according to Fxstreet.
What's confirmed
What's still developing
- More Information Start Trading Start Trading Start Trading Start Trading Tags SPX Stocks Elliott Wave Forecast https://elliottwave-forecast.com ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude.
Sources
- Fxstreet link