Fundamentally the Fed made clear this week that it is as their outlook doesn't include any hikes for 2019.
From a technical perspective we also believe there is a strong possibility to see 3,000 by this summer. We see a similar pattern behavior to those of June/ July 2018, when the index was rejected on the previous Double Top but found the necessary Support to fuel the next bullish leg.
Similarly we had a Double Top rejection at the start of March but the price found again support and is already much higher than the rejection level. This has all the characteristics of the 2018 pattern and if the High to High rate continues (+2.45%), we can estimate the next (all time) High to be around 3,000.
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From a technical perspective we also believe there is a strong possibility to see 3,000 by this summer. We see a similar pattern behavior to those of June/ July 2018, when the index was rejected on the previous Double Top but found the necessary Support to fuel the next bullish leg.
Similarly we had a Double Top rejection at the start of March but the price found again support and is already much higher than the rejection level. This has all the characteristics of the 2018 pattern and if the High to High rate continues (+2.45%), we can estimate the next (all time) High to be around 3,000.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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www.investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
