SPX500
The Price action on Weekly multi year chart appears to resemble an ongoing Expanded (Irregular) Flat pattern within the Elliott Wave Principle school of thought analysis.
The Fibonacci Extension levels of Wave B (1.236% & 1.382%) are at 51xx and 5324.
The market opened up around 5305 today Wednesday 4/3.
The next resistance level we see market testing and potentially failing at = 5,324.
Our bias is that the price action will fail at 5324 levels and or will likely fail to have a Weekly Close at or above that level.
A forecast expectation is that the Wave B is actually more complex a double three pattern, but potentially the 2nd Three Pattern, is itself a Triple Three complex pattern in the interior.
So the third wave of [ Y ] could actually be breaking down into 3 wave complex structure whereby we are currently finishing wave (y) of [Y].
The point is we could fail initially at 5324 , or just below, and then have a wave (x) that precedes that final wave (z) of [Y]. The thrust up could retest that 5324 area and ultimately fail, for the larger degree Wave [[ C ]] Down (shown inside Square block)
The Fibonacci Extension levels of Wave B (1.236% & 1.382%) are at 51xx and 5324.
The market opened up around 5305 today Wednesday 4/3.
The next resistance level we see market testing and potentially failing at = 5,324.
Our bias is that the price action will fail at 5324 levels and or will likely fail to have a Weekly Close at or above that level.
A forecast expectation is that the Wave B is actually more complex a double three pattern, but potentially the 2nd Three Pattern, is itself a Triple Three complex pattern in the interior.
So the third wave of [ Y ] could actually be breaking down into 3 wave complex structure whereby we are currently finishing wave (y) of [Y].
The point is we could fail initially at 5324 , or just below, and then have a wave (x) that precedes that final wave (z) of [Y]. The thrust up could retest that 5324 area and ultimately fail, for the larger degree Wave [[ C ]] Down (shown inside Square block)
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