This is just my prediction on macro trend on SP500 . I could be totally wrong.
Note
Just for the reference. SP500 in 2008 might be similar to 2022 but not quite the same. The wave B in 2008 retraced 50%. In 2022, we have a diagonal on wave A and think wave B could retrace 61.8% which is $4500.The correction in 2022 would take quite longer.
Note
As you can see in 2022, we have wave (A) quite large about over 5 months with 5 waves down. If we had a bear market rally top at $4320 wave (B) which was short and tiny comparing to wave (A).Note
This could be the fate of SP500. Everything is just lined up if $3823 is bottom from here.Note
Chart above is invalid. Seems like we are going to downside from here.Note
Not sure if this is an expanding ending diagonal. If it does, we need to hold $3733. If it breaks, we are going to see $3460.Note
If ES holds at $3733
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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.