SPX500: Elliott Analysis
Updated
Long-term support Trendline was breached & re-tested. We are currently managing several
Long-trades we bought at the first drop-leg down...always buy Wave-A down and manage it with stops.
A NEW lower low may / or may not happen, I would guess the probability of a NEW-LOW may be abut 60% to 40% it goes up from here.
Wave-4 corrections can be messy so we could also see a triangle structure form.
Long-trades we bought at the first drop-leg down...always buy Wave-A down and manage it with stops.
A NEW lower low may / or may not happen, I would guess the probability of a NEW-LOW may be abut 60% to 40% it goes up from here.
Wave-4 corrections can be messy so we could also see a triangle structure form.
Note
Here is a slightly less BULLLISH alterative count, which correlates nicely with the Fibonacci sequence starting from #4865 to the covid drop
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