SPX Correction (ABC Wave Pattern)

So far, Elliott Wave Theory has done an excellent job of predicting the recent bear market. There was a clear five wave pattern down from A. B has retraced exactly 0.618 (the golden ratio) of A so far (it's possible B isn't yet completed). Assuming that 4595 holds, Elliot Wave Theory predicts that the C wave will extend to one of the levels shown in the chart. If C extends farther to 161.8% of wave A, the ABC correction pattern is invalidated and a five wave pattern is in progress. This would be the "crash" scenario.

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Note

I was about to write this chart off a couple days ago, but it's very much alive and well! Watch for a decline to the levels at 4224, 3995, and 3853. If 4420 holds, a bearish gartley could still be in play.

Trade active

Currently in SPY puts. Looking to add to position tomorrow and take profit near 3995.

Cryptogold14

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