S&P 500 Large Cap Value ETF (IVE) 2.618 Wave 5 Target
Assumption: Discrediting the abnormal wick down in Wave 1 as an outlier that does not affect the overall wave count.
While the overall S&P 500 Index has already reached a 4.236 Extension this cycle (which typically marks the top and end of a Bull run), the S&P 500 Large Cap Value Index has not yet reached such heights.
Wave 3 (ending at the C-19 sell-off crash) reached an overall height of 1.5x Wave 1. If Wave 5 repeats the height of Wave 1, that would put its peak at the 2.618 Fibonacci Extension, which would make it a reasonable target within reach.
While the overall S&P 500 Index has already reached a 4.236 Extension this cycle (which typically marks the top and end of a Bull run), the S&P 500 Large Cap Value Index has not yet reached such heights.
Wave 3 (ending at the C-19 sell-off crash) reached an overall height of 1.5x Wave 1. If Wave 5 repeats the height of Wave 1, that would put its peak at the 2.618 Fibonacci Extension, which would make it a reasonable target within reach.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.