SPX Pending Short: An expanding ending diagonal
Based on my Elliot Wave analysis, I believe that S&P500 is right now in an expanding ending diagonal that still has one more 3-wave to go and we should see the peak reached on 1st Oct 2024, at the opening of Tuesday session.
A couple of questions that is on my mind:
1. Will we see a throwover or a truncation?
2. Is the wave count correct? What if it has already ended?
Self-doubt is a good thing for it pushes us to look deeper and try to find the answer, or we find a workaround. For me, my solution to "What if I'm wrong?" will be the red trendline. If SPX breaks this trendline, I will go short even if I don't see another 3-wave.
Good luck!
A couple of questions that is on my mind:
1. Will we see a throwover or a truncation?
2. Is the wave count correct? What if it has already ended?
Self-doubt is a good thing for it pushes us to look deeper and try to find the answer, or we find a workaround. For me, my solution to "What if I'm wrong?" will be the red trendline. If SPX breaks this trendline, I will go short even if I don't see another 3-wave.
Good luck!
Note
Hmm, realised that I didn't do a good job with arranging the black wave and the fibonacci which I didn't use in this idea. Anyway, black wave should end at the price peak target. You can ignore the Fibonacci extension.
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