Nobody knows what happens tomorrow. Candles do. These daily SP500 futures candles scream for a reversal. The two circled daily formations are strongly bullish and a chance of a rally tomorrow is very high. The weekly sequence flipped to neutral and is open for either path.
On the other side, from the perspective of Elliott Waves, SP500 fell to the minimally required level for a long term correction and the chances of a bounce or even a rally are substantial. This chart above was shared about 8 months ago.
Let’s analyze the recent technical and candle signals and evaluate the chances of the next possible moves from different angles.
This SP500 overview contains the charts and covers:
– TA and Japanese Candlesticks analysis;
– Elliott Wave forecast for SP500.
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