Elliott Wave Principal - SPX - in ABC correction of Wave 2
As per my previous Elliott Wave Principal count, the impulse wave to 3200 is confirmed to be the top of wave v. We are currently in a ABC correction that has a high probability of being Wave 2, as that should follow a corrective wave pattern.
Keep in mind that Wave II can retrace 100% of Wave 1, but its more likely to retrace to the .618 fib of Wave 1.
If you are bullish, be careful as this is generally where a lot of retail get caught holding the bags. The B wave can technically retrace up to the top of Wave V, but i think that it is unlikely.
Good luck and stay safe!
Keep in mind that Wave II can retrace 100% of Wave 1, but its more likely to retrace to the .618 fib of Wave 1.
If you are bullish, be careful as this is generally where a lot of retail get caught holding the bags. The B wave can technically retrace up to the top of Wave V, but i think that it is unlikely.
Good luck and stay safe!
