InvestMate|S&P 500 Technical Outlook

📉S&P 500 Technical Outlook

📉Another technical look by me.

📉After the great gains I predicted in the previous post:

📉The time has come for a slightly broader look at the chart of the most important index in the world.

📉 In my analysis I used several tools:

📉1. I plotted a downtrend channel from peak to bottom

📉2. I measured fibo waves from peak to bottom

📉3. I measured the fibo waves from the bottom to the current peak.

📉4. I determined the one to one (overbalance) correction
of the largest downward correction in the current upward momentum.

📉4. I have delineated key support and resistance zones on the chart.

📉We see that we are currently at the upper edge of the downtrend channel.

📉 I believe that after such strong rises it will be time for a correction.

📉 It will come at the fibo level of the 0.382 peak-to-trough wave.

📉It may reach the 3800 level because here I find the fibo cluster 0.236 of the entire downtrend, the 0.382 level of the entire current upward implosion and the one to one level of the biggest downward correction.

📉 From here we are likely to try to rise again.

📉 If we break through the new peaks the rise to the 0.5 level of the entire wave is highly probable, there we will probably stop for a while as this level has been a strong support and resistance zone in the past.

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