Long – Term S&P 500 – Elliott Wave Count 05-03-22

The S&P 500 (SPX) rally from 05/02/22 to 05/03/22 looks like a corrective pattern which implies the SPX could go below the 05/02/22 bottom. 

The monthly SPX chart courtesy of Trading View illustrates  the long- term Elliott wave count.

Within Elliott motives  waves  there’s usually a Fibonacci relationship between waves “two” and “four”.  The SPX decline since the 01/04/22 all-time  high  is  close to equal with the Primary wave “2” – boxed.  Equality is a common Fibonacci relationship between waves “two” and “four”

The FOMC  interest rate announcement will be made on 05/04/22. Traders  wait until at least 05/05/22 before entering long positions.

I will have another blog after the end of the SPX 05/04/22 session.

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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