Hello traders, S&P 500 in daily timeframe , this analysis has been prepared in daily timeframe but has been published for a better view in 2 day timeframe.
In this index, the main waves 1, 2 and 3 are formed and wave 4 has started its corrective movement by breaking the line.
Wave 4 is initially its trend and it is not possible to say what structure is formed.
Compared to the main wave 2, it will have a deep and long process.
Given its current motion, we considered several ranges to determine the type of correction.
If the black trend line (red circle) is broken downwards, wave a will probably form a zigzag and then a sideways trend will form for wave b (thus this structure is zigzag ).
But if there is a correction and an ascent and then a sideways trend and finally a re-ascent, it can be said that it was a triangle correction.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️
In this index, the main waves 1, 2 and 3 are formed and wave 4 has started its corrective movement by breaking the line.
Wave 4 is initially its trend and it is not possible to say what structure is formed.
Compared to the main wave 2, it will have a deep and long process.
Given its current motion, we considered several ranges to determine the type of correction.
If the black trend line (red circle) is broken downwards, wave a will probably form a zigzag and then a sideways trend will form for wave b (thus this structure is zigzag ).
But if there is a correction and an ascent and then a sideways trend and finally a re-ascent, it can be said that it was a triangle correction.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️