S&P 500 Range Shows Incomplete Risk-Off Corrective StructureAug 29, 2023

SP500 Range Shows Incomplete Risk-Off Corrective Structure from technical point of view and from Elliott wave perspective.

After Powell’s speech last week and some mixed signals regarding their interest rates policy decision during the Jackson Hole economic event, attention will now turn to important NFP data this week plus some inflation data from different countries. So for now the USD still remains in uptrend as there are chances that FED is not done yet, so stocks can stay in risk-off mode.

Looking at the S&P 500, the index has been bullish most of the year; a trend that can resume after slow summer is behind, once a corrective pullback is completed, which for now is still underway. Specifically, we see index in wave 4 on a daily chart.

However, wave 4 should then be made by three waves before correction can come to an end; which is not the case yet, as latest bounce and ranged bound price range around 4400 looks like a correction, ideally Wave (B), which can be a triangle or deeper complex recovery to 4500 if pattern goes more complex. That said, we see room for wave (C) now, which can target the lower side of a corrective channel, 4300 support where drop from August highs can come to an end.

S&P 500 Range Shows Incomplete Risk-Off Corrective Structure  SP500 4H Futures Chart
SP500 4H Futures Chart

Become a premium member

Get daily Elliott Wave updates for some major Digital currencies, FIAT currency markets, major stock indexes, gold, silver, crude etc. or apply for unlimited access to the Elliot Wave educational videos.

Leading Diagonal Can Send EURUSD Lower. Check our new video analysis sponsored by Orbex HERE.


Any reviews, news, analysis, prices or other information contained on our website is provided as general market commentary and delivered electronically through a distribution channel to larger number of clients, therefore does not constitute investment advice or investment research. We are not trading advisors. Most of our work is for educational purposes only, with information based on Elliott Wave theory in real time. Trading forex, futures, options, stocks, cryptocurrenices or any another trading market carries a high level of risk, and may not be suitable for all investors.

The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information that we provide should not be relied upon as a substitute for extensive independent research before making your investment decisions. In no event will we be liable for any loss or damage on your account in connection with, the use of our products. For any real cash investments you have to contact your financial advisor.

Any information or material contained on our website is owned by Val Global d.o.o.. Reproduction is prohibited without Val Global d.o.o. prior license in writing.

By continuing to use the site, you agree to the use of cookies. Learn more.

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.