DRSK1993

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

Long
OANDA:SPX500USD   Indice S&P 500
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

Clause de non-responsabilité

Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.