S&P 500 IndexLong
SPX complete EW count ends 2009 bullrun@6600 in 2023;see roadmap
Note: this analysis was made factoring in impt Fib levels, a fractal megaphone pattern from 2018-2019, EW counts at multiple levels & also stock seasonality. So far SPX followed the general movements of this yellow fractal.
SPX just recaptured red dma200 line & bounced off dma20. Also the green dma50 starts to have an upward trajectory.
SPX have completed ABC, an expanded flat. It is making a new EW cycle currently at the small wave 4 down to the red dma200 area which was also wave 1 top. This may hold since EW theory states that wave 4 shall not cross below the top of wave 1. If 4500 & dma200 holds, wave 5 may start next week & may reach a retest of 4818 top start of May followed by a small abc correction during the bearish May.
The bigger wave 3 may end sometime 4Q this year which I estimate to be around 5345(impt Fib level see chart). ABC wave 4 correction follows before a big final SPX wave 5 Sta Claus rally in DEC2022 to end In first half of 2023 at a ultimate destination of 6600.
Correction on chart: 6600 is the 1.618 Fib Ext from 666 to 3400 Feb2020 top then to covid low. It is also the 3.618 Fib level of the covid plunge. This make it a very probable target.
Not trading advice…just a road map
If you appreciate my effort, pls like, follow & share.
SPX just recaptured red dma200 line & bounced off dma20. Also the green dma50 starts to have an upward trajectory.
SPX have completed ABC, an expanded flat. It is making a new EW cycle currently at the small wave 4 down to the red dma200 area which was also wave 1 top. This may hold since EW theory states that wave 4 shall not cross below the top of wave 1. If 4500 & dma200 holds, wave 5 may start next week & may reach a retest of 4818 top start of May followed by a small abc correction during the bearish May.
The bigger wave 3 may end sometime 4Q this year which I estimate to be around 5345(impt Fib level see chart). ABC wave 4 correction follows before a big final SPX wave 5 Sta Claus rally in DEC2022 to end In first half of 2023 at a ultimate destination of 6600.
Correction on chart: 6600 is the 1.618 Fib Ext from 666 to 3400 Feb2020 top then to covid low. It is also the 3.618 Fib level of the covid plunge. This make it a very probable target.
Not trading advice…just a road map
If you appreciate my effort, pls like, follow & share.
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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.
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.