On 02/02/22 the SPX crossed above the 4582.24 bottom made on 01/10/22. Under the prior SPX - Elliott wave count the 01/04/22 to 01/10/22 decline was the presumed wave "one" of a developing Elliott Impulse wave. In Elliott wave rules, wave "fours" can not travel into the price zone of Impulse wave "ones"
The crossover of 4582.24 invalidates the supposed Impulse wave count.
The 01/04/22 to 01/24/22 decline is probably a Single Zigzag corrective pattern, which implies a move above the 01/04/22 high.
Momentum evidence supports this theory. MACD has a bullish crossover and Histogram has moved above the zero line.
If a new SPX all-time high is made, the major Fibonacci price resistance zone 4840 to 4890 noted in several of my blogs is the most likely target for what
could be a major top.
Mark
The crossover of 4582.24 invalidates the supposed Impulse wave count.
The 01/04/22 to 01/24/22 decline is probably a Single Zigzag corrective pattern, which implies a move above the 01/04/22 high.
Momentum evidence supports this theory. MACD has a bullish crossover and Histogram has moved above the zero line.
If a new SPX all-time high is made, the major Fibonacci price resistance zone 4840 to 4890 noted in several of my blogs is the most likely target for what
could be a major top.
Mark
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Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.