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S&P500 Update – Has The Rally to $4300+ Started?

Alice Wang

Dec 26, 2022 16:45

微信截图_20221226163920.png

The phrase "five waves lower" became real

Using the Elliott Wave Principle (EWP), we discovered in the last update for the S&P500 (SPX) that "The predicted move down, red W-c, is underway and subdividing into five smaller (green) waves: 1, 2, 3, 4, 5." We may reduce the ideal target zone for all of the predicted black W-b from last week's "$3730-3870" to preferably $3760-3820 now that we know where the anticipated W-b precisely crested.


Fast forward to today, when the index hit $3764 and mounted an 80-p rally. Thus, the initial prediction of a further decline to around $3750 was confirmed. The five green waves of red W-c into yesterday's low are also sufficient waves to deem the slide from the red W-b high on December 13 complete. Look at Figure 1 below.

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