From yesterday’s forecast: “… expect SP500 to pullback no deeper than $4625-35 before resuming the rally. Possible timing – 1-2 days of sideways – slightly downwards movements.” So far, SP500 is moving as prescribed. Let’s evaluate the perspectives of candles and waves for tomorrow and beyond.
As anticipated, SPX and NDX made the moves downwards. The patterns are bearish, but not strong enough to grant a major reversal. Nevertheless, a confirmation or cancellation is due, possibly tomorrow.
The formation for DJIA is bullish and a continued move upwards has a higher probability.
SPX (the same as yesterday)
SP500 continues to move exactly as forecasted. The green path is primary. After completing wave “i” off the lows, I expect SP500 to pullback no deeper than $4625-35 before resuming the rally. Possible timing – 1-2 days of sideways – slightly downwards movements.
In case of a deeper pullback, the red count might become the primary.
SPX Mid Term Target was shared earlier:
SPX Long Term Forecast can be viewed here:
DJIA is also moving precisely as forecasted and it seems to have no obstacle for completing wave 1 off the lows in the next day or two. Wave 2 is expected to be shallow.
DJIA Mid Term Forecast:
DJIA Long Term Forecast for 2022-2023 can be viewed here:
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