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SP500 – Counter-Trend in Progress to 3213.75+/-

by WaveTrack International| June 22, 2020 | No Comments

SP500 – Counter-Trend Zig Zag Rally in Progress from 2923.75 to 3213.75+/-

For more details, see last Friday’s Elliott Wave Compass Report

The SP500 began a corrective 2nd wave downswing from the June high of 3231.25 (futures). Labelled as minor wave ii. two, this unfolding into a minute degree a-b-c zig zag pattern, subdividing 5-3-5. It is the correction of minor wave i. one’s five wave impulse advance that began from the March low of 2174.00.

SP500 Futures - 30 mins. - Track Record 17th June 2020

SP500 Futures – 30 mins. – Track Record 17th June 2020

Minute wave a of this corrective zig zag downswing completed already, into the mid-June low of 2923.75. Note its five wave structure, labelled [i]-[ii]-[iii-]-[iv]-[v]. This is being followed by a counter-trend zig zag rally as minute wave b. However, this minute wave b is still incomplete. Labelled [a]-[b]-[c], this must subdivide into a 5-3-5 sequence. Note, wave [a] satisfactorily unfolded into a five wave upswing ending at 3156.25. Although this time last week, wave [b] remained incomplete to the downside where targets were towards 3028.00+/-, max. 3006.75+/-. See fig #1.

SP500 - 30 mins. - Forecast by WaveTrack International

SP500 – 30 mins. – Forecast by WaveTrack International

But overnight selling has now pulled the SP500 down to the 3028.00+/- target level, trading at 3027.25 in completing wave [b] – see fig #2. The immediate response higher is a good indication of its intention to now push higher as wave [c] targeting 3213.75+/- over the next several trading days.

Once this [a]-[b]-[c] zig zag rally has ended minute wave b, then wave c declines can resume the larger zig zag downswing as minor wave ii. two.

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