S&P 500 fut. - possible near end of correction
Looking at the H4 chart of the futures contracts on the US S&P 500 stock index, we may see a potential correction pattern. The last rebound on the US stock market reached about 50 percent of the first wave of declines that was triggered by the spread of the epidemic first in Asia and then on subsequent continents.
According to the Elliott wave theory, the entire rebound looks like the ABC simple correction. Wave C could currently consist of five subwaves. Therefore, if the correction ends in the area of 50%, then there may be a return towards the lower limit in the upward channel. However, if the line through the lows were to be broken, another downward impulse could accelerate.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
According to the Elliott wave theory, the entire rebound looks like the ABC simple correction. Wave C could currently consist of five subwaves. Therefore, if the correction ends in the area of 50%, then there may be a return towards the lower limit in the upward channel. However, if the line through the lows were to be broken, another downward impulse could accelerate.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.