The previous count i had for the sp500 is no longer valid, so here is the new count. There are still other counts possible but looking at the MacD we can see a clear bearish divergence. In this count wave (C) is 61.8% of wave (A), a classic flat pattern with wave C as an ending diagonal. The alternative is that the max price level for wave 5 of the ending diagonal at 1554.05 gets broken, turning the ending diagonal into a double three combination. In other words, wave 1 becomes wave W, wave 3 and 5 becomes wave Y.
Tata Steel Elliot Wave & Gann Analysis
3 hours ago