Today we will speak about the Huge corrective structure that has been broken on US500
a) After all-time highs of September 2020, we had two months of sideways movement and the presidential election in the middle of all that. Then, Pfizer came saying "we have the vaccine" and a new all-time Highs came.
b) After that, we saw a new corrective movement, with more vaccine news, Moderna and AstraZeneca.
c) The trigger that broke the white pennant was Donald Trump accepting to start cooperating with the incoming government.
d) Now we have a small corrective structure (yellow pattern) and from a technical perspective, we think we will keep observing bullish behavior towards our Short-Term target at 3725
e) This movement on the Index is also being backed by sell-off on GOLD (as a safe haven asset) and optimism on the Crude oil market as well
a) After all-time highs of September 2020, we had two months of sideways movement and the presidential election in the middle of all that. Then, Pfizer came saying "we have the vaccine" and a new all-time Highs came.
b) After that, we saw a new corrective movement, with more vaccine news, Moderna and AstraZeneca.
c) The trigger that broke the white pennant was Donald Trump accepting to start cooperating with the incoming government.
d) Now we have a small corrective structure (yellow pattern) and from a technical perspective, we think we will keep observing bullish behavior towards our Short-Term target at 3725
e) This movement on the Index is also being backed by sell-off on GOLD (as a safe haven asset) and optimism on the Crude oil market as well