Elliott’s Soup for the end of August

Summer is going in the northern hemisphere and we may need an update to the Elliott’s Wave reading of the S&P 500 index.

August was spent correcting the excess in overbought and now the index is resuming the ride upward. The immediate target is now the previous ATH at 4818, where is highly probable that the action will reverse for another correction. Then by the area around 4930-5000, by the end of the year. The impulsive action seems well fit (PTI at 73 is quite high) and at the moment the target of the complete wave is in the 6000 area, not before another large correction. But this will happen a full year ahead and there is time to get confirmations for this dynamic.

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