HomeContributorsTechnical AnalysisS&P500 (SPX) Found Buyers At The Equal Legs Area

S&P500 (SPX) Found Buyers At The Equal Legs Area

Hello fellow traders. In this technical article we’re going to take a quick look at the Elliott Wave charts of SPX published in membership area of the website. As our members know, S&P500 is trading within the cycle from the October’s 3492.7 low, which is unfolding as 5 waves structure. Recently we got 3 waves pull back which found buyers right at equal legs area as we expected. In the further text we are going to explain the Elliott Wave Forecast

SPX 4h Elliott Wave Analysis 09.21.2023

SPX is doing wave (4) blue pull back. The index is correcting the cycle from the 3839.7 low. Pull back looks incomplete at the moment. We expect another leg down toward 4274.7-4114.5 area to complete the correction.

SPX 4h Elliott Wave Analysis 09.26.2023

SPX made extension down and reached the extreme zone- equal legs area as expected. We see possibility of SPX making shallow bounce and another leg down within buyers zone, which will allow rest of the Indices to reach their extremes. At the marked zone SPX should ideally find buyers for further rally in wave (5) blue or for a 3 waves bounce at least.

SPX 4h Elliott Wave Analysis 10.10.2023

Buyers appeared at the marked extreme zone 4274.7-4114.5 and we are getting good reaction from there. As far as 4214.67 low holds, SPX should ideally keep trading higher in wave (5) red toward new highs. We need to see break of 07/27 peak to confirm next leg up is in progress.

Elliott Wave Forecast
Elliott Wave Forecasthttps://elliottwave-forecast.com
ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including Forex majors & crosses, Commodities and a number of Equity Indices from around the World. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Elliott Wave Setup videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

Featured Analysis

Learn Forex Trading