SPX - Alternate bearish count - CRASH
This is my alternate elliot wave count, opposed to my main count, where SPX and DJIA are resuming a bullish triangle and currently heading towards new highs to complete the advance of minor and intermediate waves (v) and (5).
As Elliot rules dictate, although not common, wave 2 can retrace up to 99 % of prior wave 1, creating a double bottom (double top in bearish markets). If wave (2) has already ended at 2860/2864, we will see the sharp decline of wave (3) in 5 subwaves, towards the 2316 zone, which is 1,618 of wave (1).
As Elliot rules dictate, although not common, wave 2 can retrace up to 99 % of prior wave 1, creating a double bottom (double top in bearish markets). If wave (2) has already ended at 2860/2864, we will see the sharp decline of wave (3) in 5 subwaves, towards the 2316 zone, which is 1,618 of wave (1).
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.