As any corrective pattern, wave 4 is shallow and unclear...
Not sure whether it is fully over.or whether a range bound will persist within the next few days.
That said, the path of least resistance is to the downside.
Wave 5 will break previous low with a target at 877
S&P is completing its last leg to the upside
On both monthly & even daily chart, the market is finalizing its wave 5.
On daily chart, market is finalizing an ending diagonal with a wave 5 target of 2250.
A big and ugly bear market should then start with a target at 900 corresponding to previous wave 4 of lesser degree and 0.618 Fibo retracement
S&P is in a very mature phase.
We are in wave 5 of 5.
Tough to call the top but we seem to face a ending diagonal in wave 5 (daily chart)
Wave 1 to 4 are completed.
A last rise forming wave 5 to 2250 should be expected.
Once complete, we will enter a big & ugly bear market as full Elliott sequence of 5 wave will be complete.
Market correction will bring us to...
More upside ahead with wave C on its way.
Probable short term pull back to 31.5/ 32 will offer a better entry point.
Target in a month is for Bean Oil to trade close to 40
