S&P 500 Analysis. As on Saturday 6 March 2021. CMP 3841.
Bottom line : The recent correction is likely complete at 3723 (which is near 4th wave of lower degree). In fact, from our post of 27 Feb we said "This current correction is likely to end near the 4th wave of lower degree, about 3700 ~ 3750".
We had also said in the same post "There is likely to be a fair amount of volatility as price completes smaller 4th and 5th waves." There has clearly been some serious volatility since then.
This recent low of 3723 could well be wave A of a 4th wave triangle. Price should continue sideways to up to complete smaller 4th and 5th waves.
Eventual target is about 4100.
If price declines below 3549, the wave count would need to be re-evaluated.
This post only deals with the shorter term wave counts. Please see post of 27 Feb for the longer term wave count.
On the 3 day chart, the 10 EMA remains above the 20 EMA. Trend remains up.