I believe we are at the tail end of a 3-3-5 Running Flat correction in the S&P500 on the 4hr time frame. We have already reached the upper maximum on the Schiff scale at a price of $3385, so the downside can come at any time now. If the price tags or breaches the last local high of $3430, I will have to reassess on what kind of correction we are really in. On the larger time frame, I believe we started the 5th wave (downside) of an Expanding Triangle which started exactly 2 years ago. I believe it's possible we may reach the previous low of $2160 and may bottom out around $2100-$2000 before we continue the Grand time frame trend for upside.
Note
Based on the movements made since this post, I believe this being a Running Flat correction has been invalidated by the fact that we have now reached the last local high. It, however, was not able to breach this high. So this may now develop as a Regular/Expanded Flat or as a Zigzag. I still believe we are making a correction for downside.
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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.