SPX Weekly Analysis

18 Nis 2023

We are in a corrective phase, a zig-zag correction is a simple 5-3-5 pattern occurs at any corrective phase of the market. We are in the last leg of a zig-zag pattern we can expect a fast drop as an impulse pattern but keep in mind a diagonal pattern is also valid as well. Wave (B) is a Triangle correction pattern, all the rules of a Triangle haven't been violated yet so the downside direction is still valid at the current price.