The S&P 500 in Elliott’s Soup

It’s a long while I do not update the reading of the S&P 500 index with Elliott’s Wave, so today it’s time to see how the index is positioned for the medium term future.

Here the chart, as usual brewed with the old faithful AdvGET standalone software: it’s old, but it’s always on the point.

The S&P 500 for 11/12/2021 close

The S&P 500 is well fit, pointing to the 5000 area and the third wave of the current impulsive move is underway.

In a few weeks, we may see the formation of the fourth corrective wave and then the big push ahead, with the final fifth that will probably be explosive. The time target, as estimated by r.Virgeel, is next February.

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