Hello traders and investors. I am Radi Valov, a professional trader and today I will share with you an update to my analysis of S&P500 and Dow Jones. Anyone who wants to see larger time frames can see them in my previous Elliot waves market analysis from:
25.02.2022: Elliot Waves trading idea for SP500 DowJones and Nasdaq
15.02.2022: Elliot waves trading idea for SP500 and the Dow Jones
04.02.2022: Elliott waves signal for S&P500
31.01.2022: Elliott waves signals for SP500 and Dow Jones
S&P500-Daily Chart
Ever since my previous analysis, I have considered the correction for wave 4 as completed with the bottom in 4100 for SP500, 32200 for Dow Jones. From there, upward movements developed, which have a rather complex structure and can be considered as the initial diagonal for wave 1 (with red on the trading chart), the alternative scenarios allow this upward movement to be the last intermediate X wave (with blue on the trading chart).
According to the first option, the price has already found support and we will not see a new SELL but will start a new upward movement with an initial target area around 4500-4580 for SP500,34500-35000 for Dow Jones.
The alternative scenario allows in the coming days to see a final downward movement for wave Z that will eventually reach the area around 3980-4040 for SP500 and 31800-32100 for Dow Jones.
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