{"id":5129,"date":"2024-08-09T00:43:44","date_gmt":"2024-08-09T00:43:44","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=5129"},"modified":"2025-05-14T09:39:17","modified_gmt":"2025-05-14T09:39:17","slug":"sp500-temporary-correction","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/elliott-wave\/sp500-temporary-correction\/","title":{"rendered":"SP500 Elliott Wave: Temporary Correction"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Executive Summary<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>SP500 corrects lower in a fourth wave<\/li>\n\n\n\n<li>Support likely emerges above 4600<\/li>\n\n\n\n<li>Anticipate new highs later in the calendar year or early in 2025<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">SP500 Corrects Lower in Wave 4<\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXcfRCKHC2CblVFAfIQaFznZpkj1KMY1wng2xbPxNroAVgt9lj_3RNvTMeStyWjTsY9Dac_V47LjPtFlaIbZnS6qKz_TKGzKHzbtOYWcpFwsbkHg6yP-kX7PS48PeFZotuBAYYm_CFCi0Bn1OUgTV2pPJwBD?key=x_WmVXOjKi8qdMCcUVob5w\" alt=\"\" \/><\/figure>\n\n\n\n<p>The correction lower that began July 16 in SP500 is wave 4 of a larger 5-wave bullish impulse pattern. This pattern implies the correction is temporary and that new highs would eventually appear under this count.<\/p>\n\n\n\n<p>Taking a step back, my colleague Zorray\u2019s Junaid nailed the target for the top of wave 3 in his <a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/quarterly-forecast\/spx-nq-djia-dax-ftse-100-strong-q2-cautious-q3-ahead\/\">Q3 Equities forecast<\/a> dated June 29. He cited a target zone of $5661-$5853 and the SP500 top ticked at $5678.<\/p>\n\n\n\n<p>We can forecast a potential path for wave 4 based on wave\u2019s 2 &amp; 3.<\/p>\n\n\n\n<p>First, wave 4 tends to alternate in shape relative to the shape of wave 2. Wave 2 was a flat pattern, so wave 4 would likely become a sharp zigzag or triangle pattern.&nbsp;<\/p>\n\n\n\n<p>A sharp zigzag pattern (black path) likely retraces to the 38-50% retracement of wave 3. This places a target down near 4600-4900. If a triangle (red path) is developing, then, prices likely grind sideways for the next couple of months making very little progress in either direction.<\/p>\n\n\n\n<p>Let\u2019s see how prices behave relative to this week\u2019s low.<\/p>\n\n\n\n<p><strong><em>You might also be interested in:&nbsp;<\/em><\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/nikkei-correction-incomplete\/\">Nikkei Elliott Wave<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>After this week&#8217;s market collapse, find out the Elliott wave forecast for the SP500.<\/p>\n","protected":false},"author":160,"featured_media":5130,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[16],"class_list":["post-5129","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 - 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