Elliott’s Soup for January End

As international contrast is brewing and uncertainty rises, it is always time for an Elliott's soup, aka a view on the Elliott's Wave theory applied to S&P 500.

As international contrast is brewing and uncertainty rises, it is always time for an Elliott’s soup, aka a view on the Elliott’s Wave theory applied to S&P 500.

So, here are the charts:

Monthly Chart
Weekly Chart
Daily Chart

The charts show a positive attitude, but a declining one through the timeframes.

  • Very positive the monthly long term, with a nice high target
  • Positive the medium term weekly, pointing to a return to the previous all time’s high
  • Less favourable is the short-term daily, which seems to have reached the fifth wave target with a not-so-healthy impulsive dynamic and seems to be in difficulty rising above the strong resistance of the declining trendline.

What can we expect in the short term? Probably a push back, if we consider the daily 1-2-3-4-5 as larger completed (1) and going for a (2) will test support in 3880/50 4015 area, with a possible extension near 3800 3990. (*)

If so, the overall positive dynamic may be considered to continue.

(*) corrected after 2023-02-03 close

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