S&P500 – not the bear market, just a correction!

Hello, everyone!

You know me as a Bitcoin analyst, but S&P500 have the strong influence on cryptomarket. Today I revealed that the “bear market” on traditional markets is going to end.

I use quotes because it is not the true bear market, just the correction. I will explain you why. What is the bear market – it’s the 5 waves Elliott cycle to the downside, but if we try to count waves the potential wave 4 overlaps the wave 1 – it means that it’s not the waves 1 and 4. Thus we have to consider it as the ABC correction. Here this ABC is represented as a zigzag. Wave A consists of the zigzag abc inside it. The same is true for wave B. Now the price continues to draw the wave C. The target for wave C could be the 0.618 Fibonacci extension ($3550). Also the MACD indicator on the 1W timeframe showing us the potential strong bullish divergence – it’s the insane reversal signal for the end of the “bear market”.

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The Bitcoin will follow the traditional markets and my last analysis on BTCUSDT confirms my thoughts on SPX:

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Best regards, Ivan