According to the Elliot wave model the S&P 500 seems to completing wave ii of wave 3 to a new bull cycle that began in oct 2022.
If you see yourselves bombarded with bearish news and sentiment about the S&P 500, then it becomes even more evident that the correction that began in July 2023 is coming to end and new up move is on the cards. The simple reason for that being the fact that according to the Elliot wave theory the market sentiment during second wave of any degree is extremely bearish(sometimes worse than the previous low which happens to be the start point from where wave 1 took off - in this case march 2023 low)
Combine this with the fact that most of the expected interest rate hikes have already taken place in the past one year, thus providing relief of constant interest hikes. The bounce back of the US GDP in the recent quarter can be considered as another positive sign for the bullish move that is expected to begin shortly.
*note-this post id merely for educational purpose alone and in no way a recommendation or advise of any sort. Proper risk management and financial knowledge are key to taking any positions and hence have one has to make that call of himself/herself.
If you see yourselves bombarded with bearish news and sentiment about the S&P 500, then it becomes even more evident that the correction that began in July 2023 is coming to end and new up move is on the cards. The simple reason for that being the fact that according to the Elliot wave theory the market sentiment during second wave of any degree is extremely bearish(sometimes worse than the previous low which happens to be the start point from where wave 1 took off - in this case march 2023 low)
Combine this with the fact that most of the expected interest rate hikes have already taken place in the past one year, thus providing relief of constant interest hikes. The bounce back of the US GDP in the recent quarter can be considered as another positive sign for the bullish move that is expected to begin shortly.
*note-this post id merely for educational purpose alone and in no way a recommendation or advise of any sort. Proper risk management and financial knowledge are key to taking any positions and hence have one has to make that call of himself/herself.
watch out 4390 zone for the first resistance on the way up