Our Elliott Wave Analysis & Outlook for the S&P 500
We have continued to correctly project the wave patterns for months now at TMTF for our subscribers in the SP 500 Index. Our latest views were to look for a minor wave 3 top at 1698 with a pullback minor wave 4. We hit that on the nose with a 23.6% fibonacci retracement of minor wave 3 as we hit 1676.
Since that point, we outlined a Wave 5 pattern that should take the SP 500 to 1736-1771. Several weeks ago we patterned out 1768-1771 as a perfect target for a Major wave 3 high.
This will be followed by a 125-200 point SP 500 correction if we are correct.
Below is our chart update outlining what we project ahead. A run to 1736-1771, followed by a 120-200 point correction for Major Wave 4 in the SP 500.
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