S&P 500

21 Jan 2022 ‚óŹ 07:05 AM

Somehow I do not think that the S&P 500 has completed 5 waves up and is going into a bear market. I anticipated that wave 4 was over and the only change I am making now is that wave 4 is developing as an expanded flat. That can mean that prices decline some more before wave 5 Up starts. Wave 4 is considered as an expanded flat here which means C=161.8% of A which gives us 4424. However, wave 4 corrections often extend toward the 4th wave of the 3rd wave rally and that is near 4280. We are now in wave 3 of C so it is not over and therefore it is possible that we extend lower. The weekly averages and bands can hold out as support as well in the range of 4415-4337.

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