S&P500 - Long term chart
We are in this complexe wave 4 correction which is freaking everyone out and that's good, that is it's purpose.
Right now we're seeing price retesting the 200MA, if they can hold, we should see one more leg lower (refer to my previous posts).
First support should then be around the 1950-1850 zone.
If we don't get a new low, expect price to continue sideways between top and bottom just to wear everyone out before ralling higher.
One possible target zone would be around 4880 in the coming months or probably years.
That zone will have to be re-evaluated once this wave 4 is over but it's a good start for now.
Right now we're seeing price retesting the 200MA, if they can hold, we should see one more leg lower (refer to my previous posts).
First support should then be around the 1950-1850 zone.
If we don't get a new low, expect price to continue sideways between top and bottom just to wear everyone out before ralling higher.
One possible target zone would be around 4880 in the coming months or probably years.
That zone will have to be re-evaluated once this wave 4 is over but it's a good start for now.
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Thanks !
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