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In a standard Fibonacci-based impulse pattern, the third-of-a-third wave, in this case (red) W-iii of (black) W-3, tends to target the 100-123.6% extension of W-1, measured from W-2. The fourth wave often returns to the 61.8-76.4% Fib-extension, followed by a fifth wave targeting the 138.2-161.8% extension to complete the more significant third wave. In this case, the target zones are $6121-$6738, $5498-$5117, and $7122-7746, respectively. So far, the SP500 has reached $6147 and $5504, close to the 100% and 76.4% extensions, off by only a few tenths of a percent point.<\/p>\n
Although in this case, the (red) W-iv of the black W-3 should ideally target the 61.80% Fib-extension because the W-iii reached the 100% extension, it is not necessary, since 4th<\/sup> waves often retrace 23.6-38.2% of the prior 3rd<\/sup> wave, which means the 76.4% extension at $5498 suffices. Besides, we can now re-address the \u201cbig miss<\/strong>\u201d of the index by not hitting $6260 and instead peaking at $6147. It would make more sense that it was an irregular b-wave top of an expanded flat wave-iv correction. See Figure 3 below. In such a correction the W-b is larger than the W-a, and the c-wave is even longer.<\/p>\n [ad_2]<\/p>\n","protected":false},"excerpt":{"rendered":" [ad_1] Figure 2. Elliott Wave Principle count for the SP500 since March 2020, aka the COVID low.The Market Reached its Ideal Fibonacci-based Levels In a standard Fibonacci-based impulse pattern, the third-of-a-third wave, in this case (red) W-iii of (black) W-3, tends to target the 100-123.6% extension of W-1, measured from W-2. The fourth wave often returns to the 61.8-76.4% Fib-extension, followed by a fifth wave targeting the 138.2-161.8% extension to complete the more significant third wave. In this case, the target zones are $6121-$6738, $5498-$5117, and $7122-7746, respectively. So far, the SP500 has reached $6147 and $5504, close to the 100% and 76.4% extensions, off by only a few tenths of a percent point. Although in this case, the (red) W-iv of the black W-3 should ideally target the 61.80% Fib-extension because the W-iii reached the 100% extension, it is not necessary, since 4th waves often retrace 23.6-38.2% of the prior 3rd wave, which means the 76.4% extension at $5498 suffices. Besides, we can now re-address the \u201cbig miss\u201d of the index by not hitting $6260 and instead peaking at $6147. It would make more sense that it was an irregular b-wave top of an expanded flat wave-iv correction. See Figure 3 below. In such a correction the W-b is larger than the W-a, and the c-wave is even longer. [ad_2]<\/p>\n","protected":false},"author":1,"featured_media":38869,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-38868","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financas"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t