S&P 500 Elliott Waves (Log Scale) sitting at 3.0 fib ext
Here is my wave analysis on the log scale. Note that we are sitting just a hair above the 3.0 fib ext. Wave 5 rules are (3 options):
1) Inverse 123.6 – 161.8% retracement of wave 4 --> Already passed that at $2,663
2) Equal to wave 1 --> Around $6,636 in 2025
3) 61.8% of wave 1-3 --> Around $20,701 in 2033
Another way I try to compute Wave 4 is based on wave 3 and standard ratio of wave 3 = 1.618 and wave 5 = 2.0.
Wave 3 = 2.618
Ratio = 2.618/1.618 = 1.618
Wave 5 guess = 2.0*1.618 = 3.236 --> This comes out right around the scale of Wave 1
It is normal to over shoot the fibs a little. We are just at the price overshoot of wave 3. A little more to go if you use %.
1) Inverse 123.6 – 161.8% retracement of wave 4 --> Already passed that at $2,663
2) Equal to wave 1 --> Around $6,636 in 2025
3) 61.8% of wave 1-3 --> Around $20,701 in 2033
Another way I try to compute Wave 4 is based on wave 3 and standard ratio of wave 3 = 1.618 and wave 5 = 2.0.
Wave 3 = 2.618
Ratio = 2.618/1.618 = 1.618
Wave 5 guess = 2.0*1.618 = 3.236 --> This comes out right around the scale of Wave 1
It is normal to over shoot the fibs a little. We are just at the price overshoot of wave 3. A little more to go if you use %.
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