WaveTrack International

Elliott Wave Financial Price Forecasting

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.

The Elliott Wave Compass Report

Get WaveTrack’s latest SP500 forecasts by subscribing to the Elliott Wave Compass report.

The ELLIOTT WAVE COMPASS report focuses on the shorter-term perspective of price development. Firstly, the report is comprised of two online updates per week. Secondly, it is describing and illustrating a cross-section of market trends/counter-trends for stock indices, bonds, currencies, and commodities from around the world. And above all, this report is ideal for professional and private clients trading a time horizon of just a few days to a few weeks ahead.

The bi-weekly EW-Compass report offers a short-term perspective for global markets

· Stock Indices
· Bonds
· Currencies (FX)
· Commodities

If you like to know more details about the Elliott Wave Compass report click here, please click here

Institutions

Comments

About WTI

WaveTrack International is a financial price forecasting company dedicated to the Elliott Wave principle and work of the R.N. Elliott. Clients include Investment Banks, Pension Funds, Total/Absolute-Return/Hedge Funds, Sovereign Wealth Funds, Corporate and Market-Making/Trading institutions and informed individuals -- & just about anyone who is affected by directional price change.

Subscribe to our feed

WTI Links

Search