Elliott wave Analysis: S&P500 Trading into A Temporary Correction

Hi traders,

S&P500 looks to have made a top for the five-wave recovery up from 2322 lows, which means, that a new three-wave pullback can now be in play. We expect to see price unfold legs A)-B) and C), with possible support and a turning point region around the 2577 level, where former swing low can react as support or deeper around the 2510/2455 region, where Fibonacci ratios of 38.2/61.8 can react as turning points for the stock market. That said, once this three-wave retracement fully develops, that is when more gains may be seen.

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S&P500, 4h

sp, 4h