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Elliott Wave view: S&P 500 (SPX) expect short term weakness to continue

Short term, Elliott wave view in S&P 500 (SPX) showing 5 swing sequence lower from 12.01.2022 peak of 4087.3 as the part of correction lower in (2) against 10.13.2022 low. Ideally, (2) expects to unfold in 3, 7 or 11 swings and should hold above 10.13.2022 low to turning higher. Below 4087.3 high, it starts correcting lower in proposed wave (2) down. It favored ended ((i)) of A at 3918.39 low and ((ii)) at 4061.89 high. Wave ((ii)) was 0.854 Fibonacci retracement of ((i)). Below there, it extends the weakness in ((iii)), which ended at 3800.04 low. Wave ((iv)) bounced off there and finished at 3889.82 high slightly below 0.382 Fibonacci retracement. Below there, it breaks the ((iii)) low confirming ((v)) in progress and reached the minimum extension area.

Below ((iv)) high, it ended (i) of ((v)) at 3764.49 low. Currently, it is bouncing in (ii), which expects to fail in 3 or 7 swings below ((iv)) to see further weakness in (iii). Ideally as long as price remains below ((iv)) low, it can extend at least for two more lows to finish ((v)) as A wave in (2) correction. Alternatively, if it breaks above ((iv)) high, then ((v)) as A leg should already be in placed at 3764.49 low. While above there, it should bounce in B wave and expect to fail in 3, 7 or 11 swings against 12.01.2022 high before downside resumes later in C leg.

SPX 60 minutes Elliott Wave chart

SPX

S&P 500 Elliott Wave video

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Elliott Wave Forecast Team

Elliott Wave Forecast Team

ElliottWave-Forecast.com

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