Elliott Wave View looking for SPX Rally to Fail

Short term Elliott Wave view in SPX suggests that the decline to 2346.58 ended wave (3). The Index is currently correcting in wave (4) as a double three Elliott Wave structure. Up from 2346.58, wave W ended at 2520.27, wave X ended at 2443.96, and wave Y remains in progress towards 2619.58 – 2727.95 area before Index resumes lower or pullback in 3 waves at least.

A double three Elliott Wave structure is a complex correction in which we have two Elliott Wave corrective structures together. In this case, wave W subdivides as a zigzag Elliott Wave structure where wave ((a)) ended at 2467.76, wave ((b)) ended at 2397.94, and wave ((c)) of W ended at 2520.27. Wave X subdivides as a double three of lesser degree where wave ((w)) ended at 2467.47, wave ((x)) ended at 2519.49, and wave ((y)) ended at 2443.96.

Wave Y is proposed to be unfolding as a zigzag where wave ((a)) ended at 2538.07, wave ((b)) ended at 2522.13, and wave ((c)) of Y is in progress towards 2619.58 – 2727.95 before ending the entire wave (4) correction. Expect sellers to appear once wave (4) correction is over at the blue box area for a 3 waves pullback at least.

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