This week SP500, other major indices and multiple stocks, that I track for the market sentiment, produced powerful weekly candle patterns that hint about bullish trend reversal.
The Long Term chart above was engineered on September 28, 2020. Today I just refreshed it leaving all original graphics intact. You can compare them and answer the question whether the market movements can be forecast with certain accuracy.
I am viewing that SP500 should continue its rally to 4060-4200 area for 1-2 months. After that, it might take a pause for a few weeks, retracing 100-200 points.
Let’s see how the index develops over the next few months. Then I would be able to make further, hopefully more detailed, projections.