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S&P 500 Index

Price Action shows a-wave advance topping, b and c-waves to come

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There is no doubt the rally off the October 2023 low has very little distinguishable structure to it. However the MACD indicator has made a new high so we DO NOT have negative divergence telling me, we will get a downward retracement, but this recent rally is not done to the upside. For this advance to top in a more sustainable fashion, we would be rallying on negative divergence. Therefore the blue pathway for price is the higher probability. Since the SPX has not made a new high, I am still carrying the black pathway on the chart as it valid below the ATH.
maikisch
Chart PatternselliotwaveanalysisS&P 500 E-Mini FuturesSPX (S&P 500 Index)S&P 500 (SPX500)Trend AnalysisWave Analysis

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Chart PatternselliotwaveanalysisS&P 500 E-Mini FuturesSPX (S&P 500 Index)S&P 500 (SPX500)Trend AnalysisWave Analysis
maikisch

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.