On 02/02/22 the SPX crossed above the 4582.24 bottom made on 01/10/22. Under the prior SPX - Elliott wave count the 01/04/22 to 01/10/22 decline was the presumed wave "one" of a developing Elliott Impulse wave. In Elliott wave rules, wave "fours" can not travel into the price zone of Impulse wave "ones"
The crossover of 4582.24 invalidates the supposed Impulse wave count.
The 01/04/22 to 01/24/22 decline is probably a Single Zigzag corrective pattern, which implies a move above the 01/04/22 high.
Momentum evidence supports this theory. MACD has a bullish crossover and Histogram has moved above the zero line.
If a new SPX all-time high is made, the major Fibonacci price resistance zone 4840 to 4890 noted in several of my blogs is the most likely target for what
could be a major top.
Mark
The crossover of 4582.24 invalidates the supposed Impulse wave count.
The 01/04/22 to 01/24/22 decline is probably a Single Zigzag corrective pattern, which implies a move above the 01/04/22 high.
Momentum evidence supports this theory. MACD has a bullish crossover and Histogram has moved above the zero line.
If a new SPX all-time high is made, the major Fibonacci price resistance zone 4840 to 4890 noted in several of my blogs is the most likely target for what
could be a major top.
Mark
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免责声明
这些信息和出版物并不意味着也不构成TradingView提供或认可的金融、投资、交易或其它类型的建议或背书。请在使用条款阅读更多信息。