Skipper86

$SPY Elliott Wave analysis

Long
SP:SPX   S&P 500 Index
Using the zig zag indicator to try and eliminate bias, this is a basic post-Covid crash Elliott wave forecast. I show wave 3 ending now because I had no better place to show it, but I think it will likely end sometime between now and $395. I'm anticipating reaching $395 some time in February based on that being the next significant level of Fib extension and other studies I've done. Between now and then, a small corrective wave #4 seems likely based on the wave analysis. It's also possible we go straight to $395-$400 range from here and then begin corrective wave #4. The main conclusion of this forecast is that there is a mini correction followed by another leg up prior to a more significant correction on the horizon. Timing and price level estimates have to be derived from other studies.

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