Elliott Wave Analysis of the S&P 500 Index - This could be bad...
The trendline support for March 2020 low is being tested and on the hourly chart, we first saw a small S/H/S top now followed by a potential invers Cup with Handle and a break below the neckline at 3,808 could spark the S&P 500 lower to 3,665 and potentially much lower.
Both the long-term and the shorter term counts all indicates a more serious top could be in place, but we need more clear evidence before being able to conclude this is in fact the case. So be on the outlook for a break below support at 3,694 that will indicate a top is in place.
We have all the ingrediency, but will the be mixed correctly? Time will show...
Remember the trend and patience are your friends
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