S&P 500 to reach new highs before bull trend over
I've marked the clearly defined Elliott 5 wave impulse from 2009.
To complete the pattern, another rally to new highs is in order before the bull trend is complete. This should occur in the next 6 to 12 months.
The volatility in 2018 is the 4th wave of the larger 5th wave (the 5th wave is another impulse on a shorter time frame).
The current correction could possibly go lower, around 2500, before rallying to new highs, as that would be a cleaner corrective a-b-c wave.
Once the 5th wave is complete, look out below. The correction is likely to be severe, potentially .618 fib correction to S&P500 1500 level.
To complete the pattern, another rally to new highs is in order before the bull trend is complete. This should occur in the next 6 to 12 months.
The volatility in 2018 is the 4th wave of the larger 5th wave (the 5th wave is another impulse on a shorter time frame).
The current correction could possibly go lower, around 2500, before rallying to new highs, as that would be a cleaner corrective a-b-c wave.
Once the 5th wave is complete, look out below. The correction is likely to be severe, potentially .618 fib correction to S&P500 1500 level.
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