Weekly Technical Update: S&P 500

Weekly Technical Update: S&P 500 – Sunday, Dec. 29

Dec 29, 2024Jeremy ParkinsonFinance, No picture0

Image Source: UnsplashFriday’s action likely was a surprise for many. The S&P tumbled shortly after the opening announcing the completion of the “b” wave and coming in short of the upside targets given last week. Nonetheless, it does clear up the labeling in the SPX and ES, in that minute a is 5 waves down. Which in turn makes the Minor “a” wave in progress a zigzag pattern versus the “flat” that was discussed last week. I also discuss the potential that still exists that Intermediate wave 4 will unfold as quickly as Minor 4 did back in August. At the moment though, I am keeping that on the “shelf” as a possibility and looking for a minute “c” wave down to complete Minor wave “a”.Video Length: 00:27:20More By This Author:Nasdaq 100 & S&P 500 Elliott Wave Update – Thur., Dec. 26Nasdaq 100 & S&P 500 Elliott Wave Update – Tue., Dec 24Nasdaq 100 & S&P 500 Elliott Wave Update – Monday, Dec 23