S&P500 Elliot wave ,bearish setup , Update 4

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US 500 (CURRENCYCOM:US500)

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CURRENCYCOM:US500 US 500

trendanalysis chartpattern waveanalysis sandp500 elliotwaveanalysis

The market close on Friday with a big uncertainty.
we observed a smearing move up. I still don't know if it is an impulsive wave or a corrective because the waves have not unfold completely.
I think it is gonna be an impulsive wave as the characteristic shows.
in that case we will have a WXYXZ correction and probably this will be the last correction. we should know by next week the direction of the market
I will try to keep you update under this post as real-time as possible

Trade geschlossen: Stop wurde erreicht:

we hit the invalidation level. so the downtrend scenario is invalidated

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this could be the potential wave count, nothing is confirmed yet

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!5 min chart update

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5min char update
the current down trend can be an ACB or 12345. I dont know yet but the price will probably move up after that

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It is confirmed that it was a 5 way pattern

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are we going for wave E if a triangle ?

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and this is the 5 min chart
I think we will get close tot he trend line

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wave 5 of smaller degree is complete we just need 2 more waves

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we have 2 scenarios here :
1--- the bearish one , ending diagonal

2- the uptrend one
I will stay with the bearish and if it invalidates I will switch to bullish one

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the 3rd wave is confirmed , we are wave 4 I moved the invalidation level

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we have 2 possibilities
1- we finished teh abc correction for wave 4 and we will have an up trend
2- we are on the third way down

both are valid and I have labelled both scenarios on the chart