In my last report when SPX was trading around 2370 I pointed out the possibility that only small upside till 2390 remains, after that SPX made a high near the 2400 region and then has been in a Zig Zag type of correction.
At this point it seems that SPX is in Wave C of the Zig Zag and within Wave C it seems to just have completed the Wave 3, which means that I expect a small leg down from this point on uptill the 2315.50 region and in most bearish case uptill the 2300 region.
After this leg down we will see an upward movement which could either be Wave X indicating a continuation of the correction or the Wave 1 that will initiate a fresh impulse, that is something that will become clear as the market progresses.
Invalidation :
If the market hits 2342 from this point on that that would signify that Wave C probably has already completed.
At this point it seems that SPX is in Wave C of the Zig Zag and within Wave C it seems to just have completed the Wave 3, which means that I expect a small leg down from this point on uptill the 2315.50 region and in most bearish case uptill the 2300 region.
After this leg down we will see an upward movement which could either be Wave X indicating a continuation of the correction or the Wave 1 that will initiate a fresh impulse, that is something that will become clear as the market progresses.
Invalidation :
If the market hits 2342 from this point on that that would signify that Wave C probably has already completed.
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Author : Think with the Markets
Video Course : 50eyes.com/elliott-wave-course
Author : Think with the Markets
