SP500 Is At Important Support: Elliott Wave Analysis
Jun 27, 2022

SP500

Hello traders, today we want to share SP500, as we see it trading at interesting and important weekly support area. We will talk about it from technical point of view and from Elliott wave perspective.

SP500 made a massive rally since March 2020 crash, in Elliott wave theory, clearly within a five-wave cycle which we see it as a higher degree wave (III). Recent decline from the highs looks slow, choppy and overlapped, so we believe it’s just a higher degree wave (IV) correction that can be now coming to an end.

SP500 Weekly Chart
SP500 Weekly Chart

From technical point of view we see now same wavelength wave (II) = wave (IV), right around 38,2% Fibonacci retracement, former subwave I swing high and 3600 area.

Well, if SP500 manages to recover back above resistance line of a corrective channel, then we can easily expect risk-on sentiment and bulls back in play within wave (V).

All the best!

Natural gas is slowing down within a higher degree correction. Check our chart HERE

DISCLAIMER

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.

Close