In this chart I show my SPX long term view from covid recovery to about 2030.
SPX is moving in a big rising wedge, I think that on the long term prospective we're still in the 3rd bullish wave targeting 6440 area. From there I see a retracement (4th wave) to 4800 area before last bullish 5th wave to 7400 area.
From 7440 I see a sharp bearish retracement , the breaking of rising wedge will lead spx to target 4200 area.
On the medium term I think that we've to test 3320 area before targeting 6440 (completion of 3rd wave), but on the short term I see a retracement to retest 6000 area before dump to 3320.
SPX is moving in a big rising wedge, I think that on the long term prospective we're still in the 3rd bullish wave targeting 6440 area. From there I see a retracement (4th wave) to 4800 area before last bullish 5th wave to 7400 area.
From 7440 I see a sharp bearish retracement , the breaking of rising wedge will lead spx to target 4200 area.
On the medium term I think that we've to test 3320 area before targeting 6440 (completion of 3rd wave), but on the short term I see a retracement to retest 6000 area before dump to 3320.
Note
now we're in the 4th correction wave of the 1-2-3-4-5 move (firs blu 12345 pattern in the chart) whose target is 6440 in autumn.
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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.