The S&P500 is currently wandering sideways and doesn't really know, where it's heading. We're currently expecting the course to sink further South, but there is a slight temptation to cross the resistance line at 4026 points. In our alternative scenario with a probability of 30%, the course could dig a bit deeper to finish the pink wave alt. II, before exceeding the resistance mark at 4026 points for good. Primarily, the S&P500 should fall below the support line at 3788 points to complete the blue wave [2]. Once achieved, we're predicting steady upwards pulses in the longterm.
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📊 Free daily market insights combining macro + Elliott Wave analysis
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.