SP500 made a sharp decline since we identified an Elliott wave ending diagonal two weeks ago. It has been a firm move down, in five completed waves for a wave A, which now suggest a temporary recovery to unfold. A three-wave A-B-C correction as B can be underway, with resistance at the 3183/3210 zone. That said, a minor pullback from current levels can be only a sub-wave B) of a correction in B, so one more leg higher can be expected.
In case a higher degree wave B is already completed, then wave C lower can already be underway.
S&P500, 4h
(Click on image to enlarge)
Trade well.
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