SPX - WXY Wave Count - 31/08/22
Updated
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.
Comment
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.
Comment
Here is the lower timeframe justification for the most recent 3-3-5 correction: Comment
This is not financial advice and always DYOR.Related publications
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