S&P chart update + forecast
At the end of the week on Friday, the bulls in the S & P500 can send a positive sign and we are back above the 4200 level in a solid upward movement. This brings us a little closer to the important resistance at the current all-time high. The all-time high is still at 4238 points. These must be exceeded so that we can speak of a continuation and confirmation of wave iii.
The minimum target for wave iii is 4300 points. Further exaggerations in the direction of 4350 points are also easily possible. At the start of the new trading week, the task for the bulls is clear: they have to break out to new all-time highs and finally put an end to the sideways movement. After completing wave iii, I expect a brief pullback and then significantly higher prices beyond the 4400 mark.
After a pullback in a wave iv, we will start again. As soon as the high of wave iii becomes apparent, I can give you a trading area for an entry. It is important that the move is made above the 4238 mark, as we are still vulnerable to attacks from the bears below this mark. However, if we should expand new lows below the 4029 mark, I do not see this as the downfall of the market, but rather I expect a return to the upward trend relatively quickly in this case as well. I have shown this alternative on the second chart and currently label it with a probability of 35%. This changes with the breakout to new all-time highs. In both cases, however, the overarching image is clearly oriented to the north. The alternative is only a detour on the way to higher prices.
Overall, I see the S & P500 moving further north in a sustained upward trend.
From the perspective of the next few years, I expect prices in the 5500 point range. An important task for the bulls remains the breakout to new all-time highs above 4238, then the probabilities of the alternative are reduced.
H1:
Forecast:
The minimum target for wave iii is 4300 points. Further exaggerations in the direction of 4350 points are also easily possible. At the start of the new trading week, the task for the bulls is clear: they have to break out to new all-time highs and finally put an end to the sideways movement. After completing wave iii, I expect a brief pullback and then significantly higher prices beyond the 4400 mark.
After a pullback in a wave iv, we will start again. As soon as the high of wave iii becomes apparent, I can give you a trading area for an entry. It is important that the move is made above the 4238 mark, as we are still vulnerable to attacks from the bears below this mark. However, if we should expand new lows below the 4029 mark, I do not see this as the downfall of the market, but rather I expect a return to the upward trend relatively quickly in this case as well. I have shown this alternative on the second chart and currently label it with a probability of 35%. This changes with the breakout to new all-time highs. In both cases, however, the overarching image is clearly oriented to the north. The alternative is only a detour on the way to higher prices.
Overall, I see the S & P500 moving further north in a sustained upward trend.
From the perspective of the next few years, I expect prices in the 5500 point range. An important task for the bulls remains the breakout to new all-time highs above 4238, then the probabilities of the alternative are reduced.
H1:
Forecast:
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