S&P 500 – Short -Term Elliott Wave Forecast – 11/09/22

The SPX 500 (SPX) rally  from 10/13/22 to 11/01/22  appears   to  have completed an extended Elliott wave impulse pattern.

The 30 – minute SPX chart courtesy of Trading View illustrates  the action.

The decline from the 11/01/22 top looks like a developing  Zigzag correction.  If so, it could complete near the 3,650 area which is  also the termination point of the presumed Minute wave ‘ii’ of Minor wave “3”.

The 30- minute RSI has not reached the oversold zone and the MACD – Histogram has not begun to diverge.  Both indicators imply more downside action. 

The Zigzag correction could terminate on 11/10/22 or 11/11/22.  

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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