S&P 500 IndexLong
S&P Bullish expectation
Based on EW count, support lines on the graph and on RSI the expectation is that the index will bottom out within the next weeks and move towards a new ATH this summer.
After that a decline of 20% is expected.
Recommendation is to scale into the index during the next weeks and exit this summer
Nasdaq and S&P is expected to follow so an option is to enter either TQQQ or SPXL/UPRO
Other counts are possible and we are at the end of the bull run, so take care.
Divergence on RSI has been seen for a while, indicating a correction on the way
After that a decline of 20% is expected.
Recommendation is to scale into the index during the next weeks and exit this summer
Nasdaq and S&P is expected to follow so an option is to enter either TQQQ or SPXL/UPRO
Other counts are possible and we are at the end of the bull run, so take care.
Divergence on RSI has been seen for a while, indicating a correction on the way
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.