aibek

S&P 500. Possible map for current correction

SP:SPX   S&P 500 Index
It looks like first 5 waves down of wave A are over in the upcoming zigzag structure.
Next we could see 3 waves up in the countertrend correction, wave B.
It could reach between 50% and 78.6% of wave A.
Then there is a second leg of 5 waves down of wave C.
Let us see how it goes.
Comment: It reached the charted end of zigzag, it would be a magic if it falls right from there
Comment: Now it is safe to say that the blue zigzag I added to the chart is showing magical accuracy )))
Comment: It could be a full retracement in wave B to shape regular flat
Comment: two other options white & blue labels
As soon as previous top at 2789.15 wasn't tagged there is a chance that we have very deep wave 2 of C (white).
Blue option have no problem with this invalidation level and can unfold anyway.
Comment: Update with new labels

trend is your friend
Comment: Updated target at 2434 where Y=W (yellow labels)
Comment: Updated targets:
Target 1 = end of W = 2533
Target 2 = y=w (yellow) = 2472
Comment: initial idea almost fully came true but the reversal invalidated this pattern at the end
Have similar TP, good analysis
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aibek KeyTrade
@KeyTrade, thanks for a warm feedback!
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Any update on the SPX, aibek?
Thanks
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aibek meson1983
@meson1983, done! ))
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@aibek, Thanks for the update, looks like a relative strong drop will happen in the near future. Buy on dip then.
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aibek meson1983
@meson1983, let us see how it goes
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@aibek, I am still using your chart for SPX reference and it is matching magically.
Right now it is at the bounce off the wave 3 of C, your chart shows ~2650 then turn around to continue wave5.
But given today's action, I think SPX can go well above 2700 and then down, do you have any thoughts? Thanks.
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aibek meson1983
@meson1983, thanks for watching and comments.
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Thanks aibek..excellent explanation
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aibek glasser
@glasser, hey thanks for stopping this crazy world to write me a warm feedback!
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