SP500, TAKE THE PAST AND SEE THE FUTURE?So, this is a slightly different look of another chart.
Basically, we might be seeing this play out in real time.
This pattern is scary where the price currently sits.
and to where it can head.
What is the pattern?
Trace 2018 to Covid and then into recovery and correction.
Bring that to the current move, pattern, wave... whatever you want to call it.
It's close, not exact, but close, and close enough that it can't be completely thrown out as an idea.
But that's all guessing based on a pattern, which is dumb.
So, what do we know.
We can see numbers projected to 600.
We can see numbers projected to 200.
We can see multiple gaps on the downside.
We can see multiple stocks at their highs.
We can see multiple stocks moving some 10% or more on earnings with price movements that don't quite make sense.
We know there are two massive support trends (I just made the one) because of how close they are to each other.
We've been seeing stocks break down past massive support trends, and then when all hope is lost, a huge return.
We know statistically, gaps almost always close, and in a similar way of thinking, most impulse moves retrace a little over 100% (this gives no indication of the timing of a move, could be days, weeks, months, years...)
We can see certain indicators starting to flash some bearish signals.
We can see there might be another exit pump but we can't really know.
We can see, charts are quite overextended from COVID lows.
We know the election is around the corner.
We know how bad a "down" market or market crash can look for a sitting president.
We know more support comes in at 4780, 4360, 3800, 3300, 2900, 2500, 2200.
I'm sure if you look hard enough, you'd find evidence that supports both a bullish and bearish projection on the s&p500, which is good. Take in all the info you can. Don't believe my garbage chart, but also, I wouldn't completely skip it.
