Where are we in the Elliott Wave Count on S&P 500 as of March 3/9/19

As the chart below shows, we are in a corrective pattern falling from that massive resistance on top at $282 region a week ago. The corrective pattern ensues in a ABC of which the A subdivides into 5 waves, B in 3 waves and C in 5 waves to finish the pattern.  What you see below is an hourly time frame. The sharp decline from near $282 to $276 is the initial wave 1 (A) which retrace back into Wave 2(A) to $278 . Now according to Elliott wave theory the wave 1 is typically either .38%  or .618 % of the entire move. Going with the .38 % the end of wave 5 should put us at the yellow spot on the diagram which is $268.72 when confluence with the Fibonacci time ratio.

Also looking at the channelin dotted line shows how the wave 3 the strongest  so far has retrace back to the channel line should end at $268.70

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