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SP500 – Symmetry in Motion – Expanding Flat

by WaveTrack International| January 23, 2020 | No Comments

The SP500 has just completed a short-term {A}-{B}-{C}, 3-3-5 Expanding Flat pattern at 3301.25. This confirms a continuation to the upside over the next few trading-days

SP500 Futures - 20 mins. - Elliott Wave Financial Forecasting by www.wavetrack.com

SP500 Futures – 20 mins. – Elliott Wave Financial Forecasting by www.wavetrack.com

SP500 – Symmetry in Motion – Expanding Flat

The SP500 is closing-in on reaching upside targets for the completion of October’s five wave impulse uptrend. Activity so far this week is confirming one additional but final push higher following the completion of an {A}-{B}-{C}, 3-3-5 expanding flat pattern that ends a 4th wave correction from last Friday’s high of 3330.25 into today’s low, traded just a moment ago, at 3301.25.

SP500 and Fibonacci Price Ratios

Note the 3-3-5 wave structure of the expanding flat. Wave {A}’s decline unfolded into a typical zig zag ending at 3307.25. Wave {B}’s advance was another zig zag, this time, unfolding where waves a and c measure by a fib. 100% equality ratio into the high at 3337.50. And finally, wave {C}’s decline as a five wave impulse pattern ending at 3301.25.

And now, corroborating the expanding flat, fib-price-ratios can be overlaid to the pattern. For instance, extending wave {A} by a fib. 38.2% ratio projects the upside completion of wave {B} to 3339.00+/-. Also, extending wave {A} by a fib. 23.6% ratio projects wave {C} to 3301.75+/-. Not bad!

Conclusion

The completion of the expanding flat pattern confirms the prevailing uptrend is still engaged to the upside. However, it will be negated should the SP500 break more immediately below 3301.25. Looking ahead, any higher-high will most likely be the concluding sequence to October’s larger five wave uptrend.

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Category: Expanding Flat Pattern, Fibonacci-Price-Ratio, S&P 500, SP500, WaveTrack International

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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.

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