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Elliott Wave View: S&P 500 (SPX) Has Resumed Lower

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Short term Elliott Wave view on S&P 500 (SPX) suggests that it has resumed the next leg lower. The Index has ended the cycle from December 26, 2018 low after a 5 months rally. After topping at 2961.25 on May 1, 2019, it is now expected to pullback in larger 3, 7, 11 swing to correct the cycle from December 2018 low. We are calling the decline from May 1, 2019 as a zigzag Elliott Wave structure. On the chart below, we can see the bounce to 2892.15 ended wave B.

The Index has resumed lower in wave C with potential 100% extension target towards 2702.4 2738.4 area. The internal of wave C is unfolding asElliott Wave impulse structure. Down from wave B at 2892.15, wave ((i)) ended at 2831.29 and wave ((ii)) ended at 2868.88. Wave ((iii)) is nesting and currently unfolding also as an impulse in lesser degree. Wave (i) of ((iii)) ended at 2805.49 and wave (ii) of ((iii)) ended at 2841.36. Near term, while rally fails below 2840.21 in the first degree, and 2892.15 in second degree, expect the Index to extend lower.

SPX 1 Hour Elliott Wave Chart

SPX May 29

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About the author  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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