{"id":12373,"date":"2025-03-26T21:38:31","date_gmt":"2025-03-26T21:38:31","guid":{"rendered":"https:\/\/alchemymarkets.wpengine.com\/?post_type=market_insights&#038;p=9589"},"modified":"2025-05-16T09:26:02","modified_gmt":"2025-05-16T09:26:02","slug":"sp500-correction-over-for-now","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/elliott-wave\/sp500-correction-over-for-now\/","title":{"rendered":"S&amp;P 500 Elliott Wave: Correction Over, For Now"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>Executive Summary<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Trend Bias<\/strong>: Tentatively bullish, as wave ii appears complete near key Fibonacci support.<br><\/li>\n\n\n\n<li><strong>Key Support<\/strong>: 5,504 \u2013 the (c) wave low and just above the 0.618 retracement at 5,447.<br><\/li>\n\n\n\n<li><strong>Next Upside Target<\/strong>: A break above 5,793 (0.236 retracement) opens the door to 5,900 and possibly new highs.<br><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Current Elliott Wave Analysis<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2025\/03\/Wave-2-daily-SPX_2025-03-26_16-27-21-1024x660.png\" alt=\"\" class=\"wp-image-9594\" \/><\/figure>\n\n\n\n<p>The S&amp;P 500 appears to have completed a <strong>corrective wave ((ii))<\/strong> of a larger bullish impulse that began at the August 2024 low. Within this <a href=\"https:\/\/alchemymarkets.com\/education\/guides\/elliott-wave-theory\/\">Elliott wave<\/a> impulse, wave ((i)) peaked near 6,017, and the subsequent ABC correction shows an <strong>expanded flat<\/strong> (3-3-5) pattern unfolding:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Wave (a) declined to 5,773<br><\/li>\n\n\n\n<li>Wave (b) rallied to 6,147 on February 19<br><\/li>\n\n\n\n<li>Wave (c) concluded at 5,504, forming the low of wave ((ii))<br><\/li>\n<\/ul>\n\n\n\n<p>This entire structure finds support above the 0.618 <a href=\"https:\/\/alchemymarkets.com\/education\/indicators\/fibonacci-retracement\/\">Fibonacci retracement<\/a> (5,447) of wave ((i)), which is a typical depth for a second wave correction\u200b. The market has since bounced from the 5,504 low and could be in the beginning stages of wave ((iii)). A print below 5,504 will force us to consider the alternate wave count.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Alternate Wave Count<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2025\/03\/ED-daily-SPX_2025-03-26_16-28-21-1024x660.png\" alt=\"\" class=\"wp-image-9596\" \/><\/figure>\n\n\n\n<p>There is an alternate wave count that we are following where minor wave 5 terminated at the February 19 high as an ending diagonal pattern. This implies a fast and swift retracement back down to the wave 4 low at 5,122.&nbsp;<\/p>\n\n\n\n<p>Under this alternate scenario, SP500 could rally higher, possibly reaching 5,900. This could be a countertrend bounce within a larger downtrend.<\/p>\n\n\n\n<p>If SP500 falls below the March 21 low at 5,603, then we\u2019ll need to consider elevating the alternate wave count to primary status.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Bottom Line<\/strong><\/h2>\n\n\n\n<p>If wave ii is indeed complete at 5,504, we are now at the early stages of <strong>wave iii<\/strong>, which is typically the strongest and longest within an impulse structure. The key pivot for this bullish outlook is 5,504\u2014holding above keeps the setup valid.&nbsp;<\/p>\n\n\n\n<p>An inability to break higher may suggest a larger and more important top is in place. A trend below 5,504 will force us to consider the alternate wave count, and a completed ending diagonal pattern at the February 19 high.&nbsp;<\/p>\n\n\n\n<p>This is a very bearish pattern and forecasts a swift retracement down to 5,122.<\/p>\n\n\n\n<p><strong><em>You might also be interested in:&nbsp;<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-alchemy-markets wp-block-embed-alchemy-markets\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"LJhEfml5DB\"><a href=\"https:\/\/alchemymarkets.wpengine.com\/education\/market-insights\/elliott-wave\/dax-uptrend-still-intact\/\">DAX Elliott Wave: Uptrend Still Intact, but a Correction Looms<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;DAX Elliott Wave: Uptrend Still Intact, but a Correction Looms&#8221; &#8212; Alchemy Markets\" src=\"https:\/\/alchemymarkets.wpengine.com\/education\/market-insights\/elliott-wave\/dax-uptrend-still-intact\/embed\/#?secret=HccUORdv8C#?secret=LJhEfml5DB\" data-secret=\"LJhEfml5DB\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>S&amp;P 500 Elliott Wave analysis suggests wave ii correction is complete. A breakout above 5,793 could ignite wave iii toward new highs.<\/p>\n","protected":false},"author":160,"featured_media":12477,"parent":0,"comment_status":"closed","ping_status":"closed","template":"","market_insights_categories":[16],"class_list":["post-12373","market_insights","type-market_insights","status-publish","has-post-thumbnail","hentry","market_insights_categories-elliott-wave"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>S&amp;P 500 Elliott Wave: Correction Over, For Now - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"S&amp;P 500 Elliott Wave analysis suggests wave ii correction is complete. 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