My Elliott Wave count suggests the S&P 500 (
SPX) is nearing the completion of its current corrective phase. Price action has been consolidating around the 5980 area, last closing at 5980 on Wednesday.
From an Elliott Wave perspective, this setup implies an uptrend continuation is likely coming in the upcoming days.
Key levels I'm watching:
Immediate Support: 5840-5900 zone. A hold here would confirm strength.
Stronger Support: 5767-5840. A break below this would challenge the immediate bullish count.
Resistance: 6000 (psychological) and the all-time high of 6147.43. A clear break above these levels will validate the next impulse wave.
Volume and market breadth will be crucial confirmations. Let's see how the market reacts!
What are your thoughts on the current SPX wave count? Share below!
Disclaimer: This content is for informational and educational purposes only, and should not be considered financial advice. Trading involves substantial risk and may result in the loss of your capital. Always conduct your own thorough research and consult with a qualified financial professional before making any investment decisions.
SPX) is nearing the completion of its current corrective phase. Price action has been consolidating around the 5980 area, last closing at 5980 on Wednesday.From an Elliott Wave perspective, this setup implies an uptrend continuation is likely coming in the upcoming days.
Key levels I'm watching:
Immediate Support: 5840-5900 zone. A hold here would confirm strength.
Stronger Support: 5767-5840. A break below this would challenge the immediate bullish count.
Resistance: 6000 (psychological) and the all-time high of 6147.43. A clear break above these levels will validate the next impulse wave.
Volume and market breadth will be crucial confirmations. Let's see how the market reacts!
What are your thoughts on the current SPX wave count? Share below!
Disclaimer: This content is for informational and educational purposes only, and should not be considered financial advice. Trading involves substantial risk and may result in the loss of your capital. Always conduct your own thorough research and consult with a qualified financial professional before making any investment decisions.
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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.