Tonite, Elliott’s Soup

Elliott's Wave analysis update

I was playing with my AdvancedGET and this chart had my attention.

SPX weekly

It’s the status of the S&P 500 as of today, on a weekly bar. And with the Long Term setting of the Elliott’s Waves.

The move seems complete and the 5 is about to run, with the support targets cleared, as it is also on the daily chart, where a 1-2-3-4-5 down is completed.

This chart induced me a positive attitude, so let’s see where the reaction may be heading: the MOB (cyan/violet strip) and the 5 target is at 5100. A possible extension of the 5 may go over 6000.

Over my shoulder, r.Virgeel is shaking its head. Disagrees.

The area between here and 4000 seems to be the battlefield in the near future.