S&P 500, D1 - the end of the correction before earnings season?

On the daily chart of the S&P 500 futures contracts, we may observe a potential corrective pattern - a simple correction - labeled as ABC. The C wave consists of five sub-waves which is typical for an Elliott wave pattern.

Thus, if the lower limit in an upward channel is broken we may expect a potential another sell-off. The next potential target could be located at the 61,8 percent Fibonacci expansion near 2000 pts.

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Daniel Kostecki, Chief Analyst Conotoxia Ltd.

Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.

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