Horizontal Triangle Update – 01-19-22

The presumed S&P 500 (SPX) – Elliott wave Horizontal Triangle illustrated in the 01/15/22 blog could still be forming.

The daily SPX chart courtesy of Trading View shows the recent price action. 

Its possible Minor wave “C” – down is  forming.  Both lines of daily Stochastic have reached the oversold zone implying  that wave “C” may have ended near the close of trading on 01/19/22.

Important support is at 4495.12 a break below this level will eliminate the Horizontal Triangle wave count.  A  break below 4495.12 would also be strong evidence that a very important SPX top may have been made on 01/04/22. 

If there’s  a break below 4495.12, a blog will explain the significance of that level.   

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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