SPX is moving along as forecasted a week ago and this train is likely to continue upwards.
This daily overview contains:
– daily candle charts – analysis of candles and technical events;
– classical pattern in SPX;
– short term #ElliottWave charts and forecasts for SPX, NDX and DJIA.
All three indices closed with strong bullish Maribozu candles. There is nothing bearish in the candles.
However, as indices are grossly overbought on the smaller frames (hourly), a horizontal or slightly downwards movement for 1-2 days would be the most expected behavior.
As long as the indices do not close the next few days below the mid-point of Monday, the odds remain bullish.
On December 7, SPX completed a bullish flag pattern that was discussed with the subscribers. The charts below were taken on Dec 7 and Dec 27.
Flag target – $4950.
SPX is possibly working on wave (iii).
As discussed before, if SPX moves through $4750-4760 area, it would open the next target $4850-4950:
DJIA seems to be on track to at least $38k.
The short term chart for NDX was posted earlier today:
The volatility index registered an important event today:
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