SP500 – Weekly Analysis
In this weekly report, we review the latest developments, assess the evolving structure, and outline the levels and conditions that will help determine the next move. CANDLES This week, after technically forming a bottom last week, SP500 confirmed a breakout. The daily structure remains broadly bullish. The price is strongly above the 200/100/50 DMA with a bullish trend, reinforced by a strong 8/20-week EMA cross. Bullish momentum extends up to the 18D frame, putting the monthly on track for a bullish reversal close. At the same time, as discussed in the daily reports, multiple hourly up to daily frames have been overbought for an extended period, and the risk of a short-term pullback is high. The key question is whether this pullback evolves into something larger, which will be monitored on a daily basis. Elliott Waves Possible Impulse Two weeks ago, we began tracking a potential impulsive wave off the…
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