SPX Pending Short: An expanding ending diagonal
Based on my Elliot Wave analysis, I believe that S&P500 is right now in an expanding ending diagonal that still has one more 3-wave to go and we should see the peak reached on 1st Oct 2024, at the opening of Tuesday session.
A couple of questions that is on my mind:
1. Will we see a throwover or a truncation?
2. Is the wave count correct? What if it has already ended?
Self-doubt is a good thing for it pushes us to look deeper and try to find the answer, or we find a workaround. For me, my solution to "What if I'm wrong?" will be the red trendline. If SPX breaks this trendline, I will go short even if I don't see another 3-wave.
Good luck!
A couple of questions that is on my mind:
1. Will we see a throwover or a truncation?
2. Is the wave count correct? What if it has already ended?
Self-doubt is a good thing for it pushes us to look deeper and try to find the answer, or we find a workaround. For me, my solution to "What if I'm wrong?" will be the red trendline. If SPX breaks this trendline, I will go short even if I don't see another 3-wave.
Good luck!
Note
Hmm, realised that I didn't do a good job with arranging the black wave and the fibonacci which I didn't use in this idea. Anyway, black wave should end at the price peak target. You can ignore the Fibonacci extension.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.