SPX - Is Correction Over - Early Christmas Discounts?

Volatility has considerably increased in as investors are feeling nervous about sky-rocketing inflation, geopolitical risks, the slow down of the economy and even possibility of global recession which US is not immune to.
Is it time to buy companies with good fundamentals with the current 20% drop?

Fundamental indicators::

US Consumer Confidence - bounced from the low of March 2022 but still at the lowest levels since 2011
US Consumer Credit- at the highest since 2011, a positive sign, however, this can also be accredited to sharp rise in costs, hence people are spending more and getting less in return than in 2011
US Industrial Production - also at its historic peak
US Jobless Claims - dropped to pre-pandemic levels
US CPI - slowed down with 8.3% compared to 8.5% in March, however, higher than expected by the markets
S&P500 P/E - at 19.8 ratio, lowest since December 2018

Technical Analysis (Elliott Waves):

Sharp fall in March 2020 has completed two year correction which has been formed in the shape of expanding triangle, a rare type of correction but usually followed by the rapid impulse
Since then there was an explosive growth in the final impulse and it is likely that waves 1 to 3 have already been completed and wave 4 is currently forming
Alternative scenario may suggest that the whole impulse have already completed and we are observing the global correction. However, fundamentally there was no trigger yet to collapse the markets - although US economy is struggling, it is not in recession just yet
With the current bounce wave 4 doesn't look to be completed and this scenario suggests that there will be an upward move to the area of $4380 to complete wave X of wave 4
Using Fibonacci retracement we can see that 0.5 level of wave 3 has already been passed and it is likely that wave 4 will end at the level of 0.618, i.e. around $3880
The completion of wave 4 will be followed by impulse or ending Diagonal in wave 5 to update the historic high

What do you think about and its prospects?
Please share your thoughts in the comments and like this idea if you would like to see more stocks analysed using Elliott Waves .

Thanks

PS this is an update to the idea proposed previously

SPX - This is it or S&P500 is Still Alive, for a While at Least?

Note

Update to the graph following the latest development

tradingview.com/chart/Wd2aPjIC/

vitalalyt

In search of the optimal signals

vitalalyt

In search of the optimal signals

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