E Elliott Wave Analysis: S&P 500 Update

S&P500 is trading in a three-wave rise, as part of a corrective blue wave B. We see legs A) and B) of this correction complete, so current rally can be final wave C) of B. That said, price is approaching some interesting resistance near 2727/2750 area, where bulls can slow down, and more weakness can follow into blue wave C. A later drop below the lower channel line would indicate a completed blue wave B correction, and a bearish reversal to be in progress.

S&P500, 4H

Print Friendly, PDF & Email

Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

Share This Post On

Submit a Comment

Your email address will not be published. Required fields are marked *