Price action for the S&P 500 from January 29, 2018 till present date has been captured in this analysis using a contracting triangle Elliott wave structure. The implication of this structure for the S&P 500 is that price should resume its bullish trend once a breakout occurs out of the triangle. Breakout point as used in this analysis is ~ $2718.51
The post thrust measurement (target area) for the bullish interpretation can be calculated by measuring the width of the triangle and projecting it on top of the breakout point.
The width in this case is 2863.99 – 2533.29 = 330.70
A vertical projection of the width above the breakout point means that the S&P 500 should target ~ $3,049.21 (330.70 + 2718.51 = $3,049.21).
The point of invalidation (POI) of this analysis is a price close below ~ 2542.92 at which point the wave E would have overlapped wave C, which is unacceptable for a contracting triangle.