This long term perspective was finalized in January 2022. Which path will it take? Purple or Green? This would be the main focus of today’s analysis.
The chart below was shared in January 2022:
This message was written exactly 2 weeks ago: “After closing in October with very bearish signals across multiple larger frames, the index bounced strongly and formed a powerful bullish engulfing on the weekly frame. At the same time, it moved above the 8 and 20 EMA lines and flipped the 50/100 WMA in a “golden” cross. From the weekly perspective, the chances for a continued rally are substantial.”
The index behaved perfectly so far, and the question is whether it is ready to continue.
In this review we evaluate various technical indicators of S&P 500, discuss the recently completed candles and candle formations on multiple frames, and share long and short term forecasts charted with Elliott Waves.
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