Short – Term Top Could be in Place 03-22-22

On 03/22/22 the S&P 500 (SPX) may have completed a short-term top.

The 15-minute SPX chart courtesy of Trading View illustrates the short -term Elliott wave count.

There’s a  five – wave impulse pattern up from the presumed Primary wave “4” Horizontal Triangle termination  point.  Within the five-wave structure Minor wave “5” is  close 50% of the length of Minor wave “1” which is  a frequent Fibonacci relationship between waves “one” and “five”.

The 5 – minute SPX chart provides additional Elliott wave evidence.

It appears that Minute wave “v” – boxed of Minor wave “5” has  taken the form of an  Elliott wave Ending Diagonal Triangle.  This  is  a  termination pattern and what you would expect after what R.N Elliott called “ a market that has moved too far too fast.”

If the pattern is correct the SPX 03/22/22 high should hold and there could be a multi – day correction of  the rally off of the SPX 03/14/22 bottom.

If there is a short-term decline it could set up an opportunity for  long  positions.