S&P 500 WXY Wave Structure forecast 4th Feb 2023

S&P500 WXY Correction wave analysis :

Prior low 3495 is our starting of the wave counting. See the below Elliott wave 4H chart of the SPX500 Index.

WXY correction is unfolding. W wave has "abc" sub-waves in which "c" wave has 5th wave as expanding ending diagonal.

After the completion of five waves, a sharp fall as an "X" wave appeared. Correction of X wave is 61.8%(W) 

Y wave as abc is unfolding. "c" wave of Y wave is started from 3883. C wave has always five waves as shown in the chart. 

Conclusion :

Buy momentum is intake above 4040 (1st wave's top) for the Target of 4280.

If the price falls below 4040 then we have to re-count the wave.