#SPX = Weekly Analysis = 13.11.2021 $SPY #investing $SPX #trading #ES_F #DowJones $NDX

As forecasted in the previous weekly, this week SPX, NDX and DJIA took a pause. Let’s explore the candles, indicators and EW and forecast the movements for the next week.



As expected, after moving outside of BB, indices printed this week candles side-by-side. While all 3 candles look somewhat bearish, their position and the indicators do not support a reversal yet. The chance of moving horizontally is higher than anything else.
Odds: Neutral-Bullish


The daily candles formed various bullish reversal formations. Note that the price for all three indices closed above 8 EMA. There is a very good chance that the rally continues the next week.
Odds: Bullish

Elliott Waves

SPX/ES retraced 0.236 of the recent rally, the necessary minimum for wave 4, and possibly started wave 5.

Currently I am tracking three possible paths as shown on the chart above:

  1. Green (primary).
    Wave 4 completed. Target for wave 5 – $4770-4810. Green rectangle.
    This is well aligned with the SPX swing alert on October 18 for target – $4750-4800.

    The green scenario seems to be supported by $VIX:
  2. Red.
    Wave (1) completed. A bigger pullback to $4450-4600 in wave (2). Red rectangle.
  3. Blue.
    The correction that started in September is not over. Possible wave C, targeting $4250-4300.

Good Luck!

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