Short Term Elliott Wave View in SPX Favoring More Upside
The SPX has ended the cycle from 9/21/2018 peak at 2345.96 in red wave W. Above from there the index is correcting that cycle in red wave X in the sequences of 3-7 or 11 swings.
Above from 2345.96 low the index can be unfolding as a possible Elliott Wave triple three structure. It ended black wave ((W)) at 2521.27 peak. Internals of black wave ((W)) unfolded as and Elliottwave Zig Zag structure which ended blue wave (A) at 2468.11, blue wave (B) at 2395.19 low and blue wave (C) of black wave ((W)) at 2521.27 peak. Below from there black wave ((X)) pullback ended at 2443.97 low. Above from there SPX is currently targeting the equal legs from 12/26/18 towards 2618.64-2659.87 where we expect black wave ((Y)) to end and a reaction lower is expected. The internals of black wave ((Y)) is currently unfolding as an Zig Zag structure which ended blue wave (A) at 2579.51 peak and blue wave (B) at 2547.10. Above from that low blue wave (C) of ((Y)) can see the areas towards 2618.64-2659.87 where we expect a reaction lower.
As long as the pivot at 2443.97 pivot stays intact, we expect SPX to continue higher to correct the cycle from 09/21/18 peak before more downside should ideally be seen.
Above from 2345.96 low the index can be unfolding as a possible Elliott Wave triple three structure. It ended black wave ((W)) at 2521.27 peak. Internals of black wave ((W)) unfolded as and Elliottwave Zig Zag structure which ended blue wave (A) at 2468.11, blue wave (B) at 2395.19 low and blue wave (C) of black wave ((W)) at 2521.27 peak. Below from there black wave ((X)) pullback ended at 2443.97 low. Above from there SPX is currently targeting the equal legs from 12/26/18 towards 2618.64-2659.87 where we expect black wave ((Y)) to end and a reaction lower is expected. The internals of black wave ((Y)) is currently unfolding as an Zig Zag structure which ended blue wave (A) at 2579.51 peak and blue wave (B) at 2547.10. Above from that low blue wave (C) of ((Y)) can see the areas towards 2618.64-2659.87 where we expect a reaction lower.
As long as the pivot at 2443.97 pivot stays intact, we expect SPX to continue higher to correct the cycle from 09/21/18 peak before more downside should ideally be seen.
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