Since 3rd Jan 2022, S&P500 has been a big correction, many says its a Bear market, to show this, i've drawn trendline so, we can be more focus on seeing this descending broadening wedge .
with theory of ABC correction, as we can see the correction have a lot of ABC, with this theory, i believe we are on process relief rally from 1st degree B, 2nd degree C, 3rd degree in process making A
the target for the rally would be 4230 (fib 50)
if got rejected and not breaking up, we can expect massive back to target C, finishing the correction around target of 3268-3195 (fib 1.618 & macro fib 61.8)
with theory of ABC correction, as we can see the correction have a lot of ABC, with this theory, i believe we are on process relief rally from 1st degree B, 2nd degree C, 3rd degree in process making A
the target for the rally would be 4230 (fib 50)
if got rejected and not breaking up, we can expect massive back to target C, finishing the correction around target of 3268-3195 (fib 1.618 & macro fib 61.8)
Comment:
So far so Good, instead showing break and retest, more towards double top situation, still looking for confirmation
Comment:
there 2 rejections in 4137 area waiting confirmation