S&P 500 "Elliot Wave Analysis"S&P 500 "Elliot Wave Analysis"
Elliot Wave : 5 Wave Pattern
Wave 1,3 and 5 Effect direction of market
Wave 2 and 5 are counter move to Wave 1,3 and 5
Wave 2 never strike below Wave 1
Wave 3 is never the shortest
Wave 4 never enter Wave 1
Elliot Wave : Wave Structure
Wave structure takes place in two distinctive phases
The first phase is the Five Wave Structure know as Motive Waves
The second phase is the Three Wave Structure know as Corrective Wave
Motive and Corrective Wave together form the completed wave cycle of Eight Waves
Motive Wave : The below chart of S&P 500 has completed the 5 Wave structure
Corrective Wave : The below chart of S&P 500 has been started to form 3 Wave structure
Based on the wave analysis, we expect the S&P price to fall to $4105.
Happy Trading $$$$