S&P500 Elliott Wave Charts
SP500 1 Hour Chart
Wednesday, 25 November 2020 at 08:44 GMT
S&P500 and DAX are still in the intraday recovery mode, but we can see them approaching important target/resistance areas. S&P500 can be finishing a corrective a-b-c recovery, while DAX wave 5, but seems like one more intraday leg up is still missing to complete a short-term five-wave cycle. That said, be aware of limited gains and watch out for a potential drop and sell-off soon.
S&P500 4 Hour Chart
Wednesday, 25 November 2020 at 0 7:29 GMT
S&P500 turned higher yesterday, however we still believe latest rally can be part of a sub-wave c) of a corrective wave b. In that case, we expect to see a new leg down, labelled as wave c, towards the 3488/3461 possible support region. A drop below 3550 level will confirm a wave c to be underway.
Count #2 suggests more upside after a completed bullish triangle correction.
S&P500 Daily chart
Nov 22 2020
S&P500 is bullish since March 2020 low so we will try to label the wave count in the direction of the trend, meaning we will expect more upside after an A-B-C retracement, especially after latest bounce from the 3230 support.
COUNT #2 - ongoing flat