S&P 500 looks ready to retrace
Elliot wave is reaching a cycle end, which coincides with a broader megaphone pattern. A new high, 304 or higher, for the SPY followed by a retracement. Given that an oil price spike would put pressure on the overall economy and that any major increases in the price of gas would impact consumer spending adding to recession concerns. A deep decline could emerge. This is my first post so any constructive feedback is welcome.
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.