Short-Term S&P 500 Elliott Wave Count 09-02-21

The S&P 500 (SPX) 15-minute chart courtesy of Trading View illustrates a probable short-term Elliott wave count.

The action since the SPX 08/30/21 high has been a choppy sideways move and appears to be a completed Elliott wave – Horizontal Triangle.  After completion of this structure there’s usually a sharp thrust in the direction of the main trend. In this case up.

At  8:30 AM – ET 09/03/21 the US  Nonfarm payroll report is issued.  This could trigger a rally.

There’s potential Fibonacci resistance in the SPX 4574 area. This number is derived from an alternate long-term SPX  Elliott wave count. This potential resistance is within leeway of the SPX 4595.18 resistance illustrated in the “Fibonacci Price Extension” blog.   If the SPX reaches the 4574 area and moves down, the next blog will detail the alternate long-term Elliott wave count.    

Published by Mark Rivest

Independent investment advisor, trader, and writer. Articles have appeared on Technical Analysis of Stocks and Commodities , Traders.com Advantage, Futuresmag.com, and Finance Magnates.

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