This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

spx500 elliott

The SPX500 structure hints at an impulse V consisting of primary sub-waves ①-②-③-④-⑤.

After the completion of impulse wave ③, we now see the beginning formation of corrective wave ④. This could take the form of a contracting triangle.

The structure of this triangle is shown by intermediate sub-waves (A)-(B)-(C)-(D)-(E).

Upon completion, we could then see a rise in the primary impulse ⑤ to the 3809.76 area. At that level, wave ⑤ will be at 161.8% of wave ③.

spx500

An alternative scenario shows primary correction wave ④ taking the form of an (A)-(B)-(C) zigzag.

After the completion of an intermediate correction, prices could go down to impulse (C) near 3152.83. At that level, correction ④ will be at 38.2% of impulse wave ③.

Then we could see a rise in wave ⑤ above the previous high.

Test your strategy on how the SPX500 will fare with Orbex - Open your account now. 

The post SPX500 Bulls Eye Impulsive Move appeared first on Orbex Forex Trading Blog.


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.