Elliott Wave Analysis: S&P500 Update
|Good day traders! Let's look at S&P500.
S&P500 made a breach higher, out of a triangle pattern last week, which is a sign of a bullish continuation. We so see wave 4 completed near the 2547 region and recent recovery as sub-wave i and ii of 5. From current levels, we expect price to continue higher, towards the Fibonacci ratio of 200.0. However, if price drops lower and breaks below the former wave 4 swing low, then we can say that bigger wave 5 was completed at recent high and now a change in trend is in progress.
S&P500, 1H
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