SPY, DIA and QQQ closed today with candles that can signal a reversal. If confirmed tomorrow, we could have a nice Christmas rally.
Let’s evaluate the perspectives of candles and waves for the nearest future.
All three indices ETF printed a Morning Star/Inverted Hammer type of candles that can mark a significant bottom. Strong green candles tomorrow would likely confirm the intent. The odds are bullish-neutral.
The green path remains the primary until invalidated on the short term chart.
SPX Long Term Forecast can be viewed here:
If the next weekly/monthly candles make bearish formations, a bear path becomes primary:
DJIA has not invalidated the bullish counts as well.
Recently I shared the mid-term and long-term 2022-2023 forecasts for DJIA. They can be viewed by the links below.
DJIA Mid Term Forecast & Target:
DJIA Long Term Forecast for 2022-2023 can be viewed here:
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