SPX is moving along as forecasted a week ago and is likely to continue upwards this week.
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.
From yesterday’s forecast: “a horizontal or slightly downwards movement for 1-2 days would be the most expected behavior.”
None of DJIA, SPX, and NQ has registered an alarming bearish event. While NQ’s and SPX’s candles are red, they are rather neutral than bearish due to poor support from various indicators.
RUT’s candle obviously qualifies for a Dark Cloud Cover. But it is yet to be confirmed, and, with quite bullish indicators, it remains to be seen.
The yesterday’s forecast stands: “… 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 for at least $38k.
The short term chart for NDX was posted earlier today:
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