SPX - WXY Wave Count - 31/08/22

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Here we see a very similar breakdown to the previous idea I posted. It is plausible, following the breakdown in the past week, that we are entering the next downside phase.

This is a schematic of a WXY (commonly known as a double zig-zag) with a target of 1 fib extension of wave W @ 3141.0, a usual target for this type of wave.

Potential target options are also the 0.618 and 1.618 extension levels.

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ملاحظة

Are there other bearish counts that are plausible here? Yes:

As the current W wave is formed of two 1-5 waves down, there is a possibility of a motive 5th wave occurring. A 3rd wave extension is shown here as the most probable given current structure.

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ملاحظة

Here is the lower timeframe justification for the most recent 3-3-5 correction:

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ملاحظة

This is not financial advice and always DYOR.