It seems that the S&P 500 has reached its peak. We'll find out later. If we look at the long-term chart, we can draw a huge fibo channel. FINAL TARGET would mean a decrease of approximately 62%. ALT. POTENTIAL BOTTOM would mean a decrease of 68%. On the chart we can see 5 waves and abc expanded FLAT correction, in which wave b returns almost 161.8% of wave a. Everything is switched to logarithmic scale.
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On the daily chart we see a huge rising wedge and now we break it down. But we need to see more.s3.tradingview.com/snapshots/z/zFzAy87J.png
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On the chart we can see the typical reaction of the S & P500. V-shaped recovery and new All time high. It is currently attacking 161.8% of wave "a". Watch this level weekly and monthly. That's where Bitcoin failed.s3.tradingview.com/snapshots/6/6c6KhmyH.png
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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.