DRSK1993
Long

Bullish case on SPX500 based on Elliott wave and cycle analysis!

OANDA:SPX500USD   S&P 500 Index
Counting COVID19 panic as zigzag correction. On a monthly chart, it reads as a test of the bull market trend line from 08/09 financial crisis low (666.36). One may be tempted to count that undeniably strong move down as an impulse down, but detailed analysis proves otherwise. The drawdown was driven by panic margin-calls, so the magnitude of the move was quite scary.
From the cycles persperctive, we need to wait until the close of May 15 where the window for short-term cycle lows closes and the market may prove that analysis wrong with breaks below the unfolding wave 5 (targets 3100).

Regards,
DR . Sergii Kozik

Comments

This is way 5 about to complete so expect correction
Reply
Count was correct - the low was taken out by lower degree wave, that's a bummer
Reply
Count invalidated as lower low (below C) has been posted in futures. Revision of wave count posted with Bearish view.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out