S&P500 Elliott Wave $SPX

This is my view on S&P500: Since we have broken below the trend line that connects wave 2 and wave 4, S&P is seen to be in a corrective phase. The duration and the magnitude of this correction will be determined in 2 - 4 weeks time. However, in my opinion, if the S&P breaks below 2700, it could poise for a bigger correction to at least those levels marked on the chart. Above the 'median' trend line (yellow) should keep the bulls optimistic for further upside, however, below that.... will likely see it fall deeper.

Happy Trading, folks!

Cheers.