S&P 500 Elliott Wave Analysis Update

The scenario dictated by Elliott Wave Theory remains bullish. In particular, as in the last update, the American index is in Intermediate wave 3, but with the difference that the sub-wave 3 seems to have ended. The latter has an extension greater than that of Minor 1, this will allow wave 5 to be longer than 3. The main scenario implements the wave formation of Minor 4 and its sub-wave C. On the graph central, the lower trend line of the channel should act as a dynamic support and target of Minor 4. Moreover, respecting the principle of alternation since wave 2 was a zig zag, now wave 4 seems to be a flat, or at least a lateral correction like a triangle.