SP500 might be testing the lower low in near future
Haven't updated the SP500 trend analysis for quite sometimes. But you may still refer to my three previous analysis in Feb and Mar on SP500 which basically point to the same conclusion that SP500 is in BEAR market.
Again by applying the Elliot Wave Theory, SP500 is in classical 5-wave impulsive wave movement. As illustrated in the chart, 3386 starts wave 1. Wave 2 rebounds 50% of wave 1 (which is commonly seen in Fibonacci retracement). Wave 1 and Wave 3 ratio is 1:1.618. (again, it's commonly seen in Fibonacci extension) Wave 3 is the extended wave. Wave 4 will rebound 38.2% - 50% of wave 3. Resistance is at around 2640.
Two possible movement of wave 4, either
1) zig-zag movement which means the wave 4 is finished in this Friday
2) running flat movement which means the rebound during 24-26 March is just one-third to the wave 4
After the wave 4 is done, we will expect to see the last wave 5.
Trade what you see.
Again by applying the Elliot Wave Theory, SP500 is in classical 5-wave impulsive wave movement. As illustrated in the chart, 3386 starts wave 1. Wave 2 rebounds 50% of wave 1 (which is commonly seen in Fibonacci retracement). Wave 1 and Wave 3 ratio is 1:1.618. (again, it's commonly seen in Fibonacci extension) Wave 3 is the extended wave. Wave 4 will rebound 38.2% - 50% of wave 3. Resistance is at around 2640.
Two possible movement of wave 4, either
1) zig-zag movement which means the wave 4 is finished in this Friday
2) running flat movement which means the rebound during 24-26 March is just one-third to the wave 4
After the wave 4 is done, we will expect to see the last wave 5.
Trade what you see.
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