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S&P 500 To Extend Lower After Short-term Pullback

Short
S&P 500 Index (SP:SPX)  
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SP:SPX   S&P 500 Index
Trend Analysis Chart Patterns Wave Analysis S&P 500 (SPX500) SPX (S&P 500 Index) spx500short US SPX 500 Coronavirus (COVID-19) elliotwaveanalysis elliotwaveprojection Technical Analysis
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trendanalysis chartpattern waveanalysis spx500 spx spx500short spx500usd coronavirus elliotwaveanalysis elliotwaveprojection technicalanalysis
The sharp decline in S&P 500 from its February 2020 high can be seen as an incomplete five-wave Elliot Wave impulse structure.

  • The price breakout of the short-term trendline in wave (i), followed by a sharp corrective pullback in wave (ii) that retested the broken trendline.
  • A sharp sell-off followed the retest and extends to 1.618 x wave (i), a common termination point for wave (iii) which is usually the longest wave among wave (i), (ii) and (v).
  • Wave (iii) decline breaks a mid-term ascending trendline and weekly S/R level.

In order to complete the impulse structure,
  • A corrective rally should take place in wave (iv), which would most likely retest the mid-term trendline that lined up with supply zone, and 38.2 Fibonacci ratio
  • Once wave correction is completed, we should see a last downward move to complete the five-wave impulse pattern.

What's your thought on S&P 500? Do you think it has find the bottom?
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