SPX prob. in a "Extended V Bottom", where the following wave c (grey) equals wave a (grey), just to finish larger wave b (red). Target 1: for b (red)= 2800, Target 2: for b (red)= 2900 (Flat-pattern) Keep in mind, that the daily volume, so far, does not follow the trend! There is yet another downswing to come...
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Same pattern as DJI, btw...
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IMPORTANT NOTE for the magenta ABC counts in wave a (grey): This could also be an impulse wave (most probably in NASDAQ)! BTW, the angle of the "extension" of the V Bottom equals 30 degrees...
The down of Feb. was not harsh enough to be called a decent (enough) correction for the 10 years lasting bull market. With the recent regains, it is a weak -5% loss from peak. To accumulate momentum for potential new buyers/market players; we either need a) a harsh correction (let's say down 25-30%) or b) a long flat (+/- 2 or 3% flat fluctuations) lasting for 5-6 months, hence consolidating the prices and the market behaviors. Either a or b is equally welcome if we are are looking forward for a new bull market.
I agree with you, thanks for sharing.
wolfah
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@AcemiYatirim, Totally agree with you! Thx and good luck!
I agree with you, thanks for sharing.