S&P 500 In A Bull Move - Elliott Wave Analysis
Gregor Horvat | Aug 31, 2020 05:27AM ET
S&P 500 is unfolding a five-wave move, up from 3204 level. We see completed legs 1), 2), 3) and now 4) at 3357 level as a running triangle, so the latest rally can be part of leg 5) of three. That said, despite the current recovery, be aware of a slow down in bullish price activity around Fib. ratio of 100.0 (3520/3550 level), from where a corrective wave 4 of a higher degree may start forming. Possible support is at 3397/3357 level.
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