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Elliott Wave idea for S&P500 and Dow Jones – Easter holidays

Hello traders and investors. Happy Easter holidays! I am Radi Valov, a professional trader and today I will share with you an update on my Elliott Wave analysis of US indices.

Anyone who wants to trace my previous analysis of US indices and get more info and see longer time frames can see them below:

21.03.2022: Elliott Wave trade idea for S&P500 and Dow Jones UPDATE

09.03.2020: Elliot Waves trading idea for S&P500 and Dow Jones UPDATE

25.02.2022: Elliot Waves trading idea for SP500 DowJones and Nasdaq 

15.02.2022: Elliot waves trading idea for SP500 and the Dow Jones 

04.02.2022: Elliott waves signal for S&P500  

31.01.2022: Elliott waves signals for SP500 and Dow Jones

After my last analysis, in both indices I’m looking at, the upward movement continued just below the targets I described as a supposed area in my analysis.

S&P500-Daily Chart

S&P500-Daily Chart

I consider the rise to the zone of 4640 for the S&P 500  and 35385 for the Dow Jones as wave (i) of wave  [iii]  of wave 5, after reaching these local peaks corrective downward movement is expected to develop (marked with wave (ii) in the trading chart).

In both indices, the structure of the corrective downward movement for wave (ii) appears to be a complete double zigzag.

S&P500-H4 Chart

S&P500-H4 Chart

My expectations are that after the bottom from April 12 – 34085 for the Dow Jones and from April 18 – 4361 for the S&P 500 the development of the next upward wave has begun, which will take both indices to the foot of their historical peaks.

In particular, I expect a possible target for the S&P 500 in the area around 4680-4710 and 35800-36300 for the Dow Jones, after which we can see a corrective movement again.

I would like to draw the attention of all those who pay attention to technical divergences: at the last bottom for this correction of the S&P 500 from April 18, the Dow Jones does NOT make a new bottom. This discrepancy usually occurs when reaching local bottoms or peaks and is a confirmation in itself that the current wave is exhausted and at its end.

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  • Zahari Rangelov

    Zahari Rangelov is an experienced professional Forex trader and trading mentor with knowledge in technical and fundamental analysis, medium-term trading strategies, risk management and diversification. He has been involved in the foreign exchange markets since 2005, when he opened his first live account in 2007. Currently, Zahari is the Head of Sales & Business Development at TraderFactor's London branch. He provides lectures during webinars and seminars for traders on topics such as; Psychology of market participants’ moods, Investments & speculation with different financial instruments and Automated Expert Advisors & signal providers. Zahari’s success lies in his application of research-backed techniques and practices that have helped him become a successful forex trader, a mentor to many traders, and a respected authority figure within the trading community.

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