Yesterday, the FED’s forecast for only two rate cuts in 2025 catalyzed the markets to usher in the correction we were already anticipating“if the index can stay at least above SPX5880, and especially last week’s low at SPX5696, we must allow it to ideally target SPX6060, possibly as high as SPX6175 before the next correction of around 5-7% can start.”“ can reach the typical c=a extension at SPX6175ish, but the 0.764x extension is around $6060.
Besides, W-iii typically targets the 123.60% extension of W-i, measured from W-ii. The W-iv then tends to correct back to the 61.80% extension, after which the last W-v targets the 161.80% extension. We were looking at W-iii to reach at least SPX606 in this case. See Figure 1 below. Thus, with yesterday’s -3% day, the red W-iv “correction of around 5-7%” we anticipated announced itself and should subdivide, as shown, over the next few days, to the ideal target zone of $5735-5810.
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