SPX - WXY Wave Count - 31/08/22
Here we see a very similar breakdown to the previous idea I posted. It is plausible, following the breakdown in the past week, that we are entering the next downside phase.
This is a schematic of a WXY (commonly known as a double zig-zag) with a target of 1 fib extension of wave W @ 3141.0, a usual target for this type of wave.
Potential target options are also the 0.618 and 1.618 extension levels.
This is a schematic of a WXY (commonly known as a double zig-zag) with a target of 1 fib extension of wave W @ 3141.0, a usual target for this type of wave.
Potential target options are also the 0.618 and 1.618 extension levels.
Note
Are there other bearish counts that are plausible here? Yes: As the current W wave is formed of two 1-5 waves down, there is a possibility of a motive 5th wave occurring. A 3rd wave extension is shown here as the most probable given current structure.
Note
Here is the lower timeframe justification for the most recent 3-3-5 correction: Note
This is not financial advice and always DYOR.
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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.