Stocks

SP500 Is Making A Deeper PullbackAug 2, 2024

As expected, the SP500 is turning down for a deeper correction, as drop on all major indexes and some big cap names are pretty aggressive.

We see Sp500 coming even lower as anticipated within a projected higher degree A-B-C correction, where wave C can now extend a decline down to 5267 support area before bulls show up again.

SP500 Is Making A Deeper Pullback SP500 4H Chart Count #1
SP500 4H Chart Count #1

According to secondary count, there’s still a chance for a complex W-X-Y corrective decline in wave (4), but even this one indicates for more weakness down to 5334 support area before we will see a stabilization.

SP500 Is Making A Deeper Pullback SP500 4H Chart Count #2
SP500 4H Chart Count #2

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