S&P 500 weekly forecast for 22 to 26th Aug 2022

As we discussed in the previous article, S&P 500 Elliottwave Set-Up: Levels for this week 

As shown in Chart ABC correction is unfolding on 1 Hour Time frame.C wave has always five motive waves as 12345 

Wave 1 was 3720-3910

Wave 2 was a zig-zag correction and deep So as per alternation rules we may see the 4th wave as shallow and complex.

Wave 3 is fast and furious up to 4300. So I have mentioned that 3rd wave finished at 4300 and we may see 4th wave correction. 

Let's do a fresh analysis.

S&P 500 1H Elliott Wave Chart:

As shown in chart, 3rd wave high 4325 and then after abc correction is unfolding.

abc correction forecast:

As shown in 15 min chart, abc as flat correction is complete near 4205 and assume as c wave is completed.now we may see zig-zag abc towards 4300 as shown in the chart.

If the price starts to trade below 4200 then we may see 4180/4115 as continuing c wave.

On a higher time frame, SPX 500 is in 4th wave continuing.

Bulls will try to hold 4200 for 4250/4300

Bears will try to close below 4200 for 4180/4150/4118