When will S&P500 finish its first correction wave ?!?Hello traders!
I think we are all looking at the indices charts that keeps falling with the effect of the crisis and economy management from the Fed and central banks.
**According to Truflation, the inflation rate is at 11.4% in the USA**
This economic crash is not yet to stop, we will be experiencing crazy time in the incoming month and years...!
BUT ANYWAY , today we are analyzing the S&P500 with the Elliott Waves from the crash of the Covid-19, and what we can see is that:
The 5 of the Impulse Extended Ending Diagonal Wave has been confirmed the 22 Nov '21
- An EED have 5 waves that are subdivided into correction waves 3-3-3-3-3.
- In an expanding diagonal ending, wave 1 is small, wave 3 is medium and Wave 5 is long.
Since then, we are in an ABC pattern that we are about to finish in the incoming week
For me, it is the first Wave of the correction pattern that we are about to be witness in the incoming month and until next year.
Because the worldwide economy is not looking good, in my opinion I would say that we are finishing Wave W of a WXYXZ.
ZOOM IN for a better view of the objectives that have been found for the end of the downtrend (light blue C of the ABC) :
1/// 4000 is strong by being the 100% of the ABC pattern
2/// 3900 is strong by being the 113% of the ABC pattern
3/// 3850/3825 is the strongest by being the 123%/127,2% of the ABC pattern and near the 38.2% of the entire Impulse Wave Retracement
ZOOM OUT for a better view of the overall structure of the S&P500
You can also check my analysis on the NAS100 where the structure is pretty much the same.
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Please feel free to ask question and recommendations in the comment section, I would be more than happy to answer your questions
