SPX Long Term Forecast 20.11.2021

#SP500 has a very good chance to advance about 20% in 2022.

Multiple long-term candle formations in recent months and quarters urged me to re-evaluate the long term perspectives for the index. Today I would like to offer a little study on the subject.

CANDLES

The chart below shows the candle formations on the Weekly, Monthly, Quarterly and Semi-Annual frames.

They all have one thing in common. The candle formations and TA on all of them are very healthy and the trend and odds are bullish on all but weekly.
The weekly candles went a bit above the BB and need to move back inside the bands. The pattern is a bullish consolidation and no sign of a reversal yet. The most likely path for the next few weeks – a horizontal movement or a minor decline, no lower than ~$4600. The odds for the weekly – neutral for 1-3 weeks.

ELLIOTT WAVES

This is probably the most interesting part of study. There are six different perspectives that point towards the area of $5300-5700 as the target for 2022. Among them is the channel that narrows down the timeline for the target.

1. All time Fibonacci levels

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Good Luck!

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