SPX Elliott’s Soup update

Time and Value targets estimates for the current S&P 500 position

S&P 500 market dynamic is currently pointing downward and we may estimate some numbers, with the usual help of the AdvGET software and with r.Virgeel supervision.

chart by AdvancedGET desktop version

 

The first move from 4818.36 to 4582.24 has the form of an impulsive wave, better seen on a 4h chart. The the first A-B-C has taken the 4748.66 level.

Now we have two major options:

1) the SPX corrects to 4512 rapidly and completes the A-B-C, with some subsequent jigsaw and then resuming the rise, or

2) make a more complex A-B-C, returning above 4750 to just complete a 2 wave and then start another impulsive wave (the 3), which have a minimum target in 4366 area and a possible extension lower to even 4130.

At the moment, r.Virgeel is embracing the first option, with a target in 4520/50 area to be reached in two/three weeks. What happens next is early to say, but a real possibility of an impulsive rise in the market must be considered.

 

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