S&P 500 – Elliott Wave Pattern From October 2023

The  S&P 500 (SPX) could find resistance in the 5,250 area.

The SPX – 3- hour chart courtesy of Trading View illustrates the Elliott wave count from the 10/27/23 bottom.

The SPX rally from 10/27/23 has the smooth and steady look of a five – wave Elliott Impulse pattern.  The bottom made on 03/11/24 appears to be Minor wave “4”.  Within motive patterns there’s usually Fibonacci relationships between the fourth and second wave positions.   Waves “two and “four’ tend towards equality in either price and or time.  In price the presumed Minor wave “4” is 88.2% the size of Minor wave “2”.

In time measurement – Minor wave “4” is four – three-hour bars long.   Minor  wave “2” is seventeen – bars long,   4/17   is the .236 Fibonacci ratio.

Usually waves “one” and “five “ have a Fibonacci ratio.  Minor wave “1” was 689.52 points multiplied by .236 equals 162.72.  Adding 162.72 to the presumed Minor wave “4” bottom at 5,091.14 targets 5,253.86.  

The rising trendline from late 2023 intersects  the  SPX  5,250  area on 03/18/24.

A move below 5,091.14 before the SPX makes a new all-time high implies that Minor wave “4” could still be developing.