S&P 500 Intraday Elliott Wave Count – 02/27/24

The decline from the S&P 500 (SPX) top at 5,111.06 may have ended today 02/27/24.

The 15 – minute SPX chart courtesy of Trading View updates the action.

The 02/24/24 blog illustrated that the presumed Minute “iv” correction after the SPX 02/23/24 top could terminate on 02/26/24 at or near a Fibonacci .236 retracement of the presumed Minute wave “iii”.   The SPX went below the .236 level at SPX 5072.00 and made a bottom today above the .382 retracement level.

So far the post 02/23/24 decline has been slow with a shallow angle –  characteristics of corrective patterns.

If Minute wave “iv” is complete,  Minute wave “v” could terminate on 02/28/24 or 02/29/24.   The target price is SPX 5,131.  

An SPX drop below 5,040 before reaching a new all-time high could open the door to a larger decline.