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.

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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