Elliott’s Soup for late March

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The latest events need an update for Elliott’s Wave reading of the moment.

As we may see, the downtrend seems not to be over. Having developed a harmonic 3-4 correction, it is now expected to build the fifth or final wave, with an estimated target in the 4100/00 area. The PTI at 29 is an evaluation of the low energy that is involved in the move (to generate an impulsive fifth wave the PTI should be higher than 35). This model will be nulled with an SPX higher than 4582.24.

Is r.Virgeel in accord with this outlook? Well, it substantially is.

As usual, the chart is generated by the old desktop AdvancedGET application.