S&P 500 Correction
What's going on traders & investors, 2021 has been a phenomenal year so far for the bulls with the S&P up about 21%
As we can see we had a very smooth run up since January 2021 with healthy corrections along the way shown by the wave up, wave down patterns
This type of price action is textbook analysis, the major trend is currently up which is the path of least resistance but we could expect another correction very soon, no one knows when but we are most certainly due for a nice pullback to the 50 EMA on the daily chart which back tests very nicely.
On a deeper pullback we could expect a move to the 100 EMA to act as support.
since we cannot time when it is going to happen the best we can do is hedge our long positions or lock up some profit for a reposition on the pullback at EMA support.
As we can see we had a very smooth run up since January 2021 with healthy corrections along the way shown by the wave up, wave down patterns
This type of price action is textbook analysis, the major trend is currently up which is the path of least resistance but we could expect another correction very soon, no one knows when but we are most certainly due for a nice pullback to the 50 EMA on the daily chart which back tests very nicely.
On a deeper pullback we could expect a move to the 100 EMA to act as support.
since we cannot time when it is going to happen the best we can do is hedge our long positions or lock up some profit for a reposition on the pullback at EMA support.
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