Chart on S&P 500 (INX)

Jan 30, 2018 - 2:56 PM EST

We are in the support zone for this wave iv, between the .236 retrace of wave iii, down to the 2795SPX region for the .382 retracement of wave iii. We have not seen a .382 retracement in quite some time, so I am not sure if we will see it this time. Yet, that would be the "standard" expectation. But, clearly, we are now in the zone from which we can see a bottom to this wave iv.

I am going to be looking for a solid 1-2 structure off a low in this region in order to signal the rally to 2900+ is on the way.

Avi Gilburt is founder of ElliottWaveTrader.net.

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