S&P 500 has been moving on Ascending Channel for about 12 years😱. S&P 500 had an Impulse wave with an Extended 3rd Wave. When wave 3 is extended, we can use from Elliott Wave Fibonacci Retracement and Extension Guidelines of extended waves:
🔅 If wave 3 is extended, waves 1 and 5 are often nearly equal in magnitude and duration.= This guideline is running correctly on my chart✅ = The end of the main wave 5 (Zone): 4505 until 4182
🔅If wave 3 is extended, then wave 4 often ends at the level of sub-wave 4 of 3 and is quite shallow (retraces 23.6% – 38.2% of wave 3). This guideline is running correctly on my chart✅
🔴Heavy Resistance Zone: 5817 until 5348.
S&P 500 Index Analyze Timeframe 2 Weeks(Log Scale)
❗️Note❗️: I expect that S&P 500 would go down at least until the middle line of ascending Channel.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy, this is just my idea, and I will be glad to see your ideas in this post.
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