Let's look at S&P500 from the Elliott Wave Theory outlook:
Elliott Wave Theory
Corrective Waves:
The classic definition of corrective waves is waves that move against the trend of one greater degree. Corrective waves have a lot more variety and are less clearly identifiable compared to impulse waves. Sometimes it can be rather difficult to identify corrective patterns until they are completed.
Corrective waves are probably better defined as waves that move in three, but never in five. Only motive waves are fives.
There are five types of corrective patterns:
• Zigzag (5-3-5)
• Flat (3-3-5)
• Triangle (3-3-3-3-3)
• Double three: A combination of two corrective patterns above
• Triple three: A combination of three corrective patterns above
Based on what we see in the chart it could not be a Zigzag, because the first part is a 3, not a 5..!
I think it is highly likely we are going to have a Flat( Regular or Expanded ) or a Triangle pattern.
Reference Article:
https://elliottwave-forecast.com/elliott-wave-theory/
Elliott Wave Theory
Corrective Waves:
The classic definition of corrective waves is waves that move against the trend of one greater degree. Corrective waves have a lot more variety and are less clearly identifiable compared to impulse waves. Sometimes it can be rather difficult to identify corrective patterns until they are completed.
Corrective waves are probably better defined as waves that move in three, but never in five. Only motive waves are fives.
There are five types of corrective patterns:
• Zigzag (5-3-5)
• Flat (3-3-5)
• Triangle (3-3-3-3-3)
• Double three: A combination of two corrective patterns above
• Triple three: A combination of three corrective patterns above
Based on what we see in the chart it could not be a Zigzag, because the first part is a 3, not a 5..!
I think it is highly likely we are going to have a Flat( Regular or Expanded ) or a Triangle pattern.
Reference Article:
https://elliottwave-forecast.com/elliott-wave-theory/