The SPX appears to be transitioning out of Wave 4 and initiating Wave 5 of the current Elliott Wave cycle. This breakout from Wave 4 suggests the final leg of the broader impulsive structure is underway, typically characterized by renewed momentum and trader interest.
At this stage, we can expect a pullback or bounce near the previous Wave 3 low, which often acts as a key support level during the early stages of Wave 5 development. Should this level hold, price action is likely to resume downward, completing Wave 5 within the projected target zone.
Downside targets for Wave 5 completion are currently in the 4,700 to 4,600 range, aligning with a typical Fibonacci extension (0.618–1.0 of Wave 1 through Wave 3) and previous structure zones that may offer confluence.
At this stage, we can expect a pullback or bounce near the previous Wave 3 low, which often acts as a key support level during the early stages of Wave 5 development. Should this level hold, price action is likely to resume downward, completing Wave 5 within the projected target zone.
Downside targets for Wave 5 completion are currently in the 4,700 to 4,600 range, aligning with a typical Fibonacci extension (0.618–1.0 of Wave 1 through Wave 3) and previous structure zones that may offer confluence.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.