S&P 500 Elliott Wave Analysis :
SPX 1H Frame :
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 .
The time of the 4th wave may be longer as we have seen 2nd wave has taken very less time.
Let's forecast the 4th wave :
Fibonacci 23.6% (3) is at 4188
Fibonacci 38.2% (3) is at 4118
So the above two levels are important to Buy, and we will further re-visit the chart near these levels in the coming days.
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