S&P 500 - Recession and the first bullish correction.
For those that followed my prediction for the top of the market and the crash (
), here comes the next step in the recession. Yes, we are in a recession. The bullish correction should peak at around 0.382 retracement. Follow the chart analysis posted. Have conviction and don't doubt the trend.
I'll provide future analysis when we hit the targets provided above. The next wave will be a long one but panic selling should commence when we get near the previous lows.
For future updates follow me on twitter as I'm not sure I'll be posting them here.
Follow me on twitter. @starman0112
I'll provide future analysis when we hit the targets provided above. The next wave will be a long one but panic selling should commence when we get near the previous lows.
For future updates follow me on twitter as I'm not sure I'll be posting them here.
Follow me on twitter. @starman0112
Trade closed: stop reached:
Got this one wrong.
We are reaching our supply zone on the market. The 2nd Elliot wave of the market cycle is nearing completion. The yellow box is our market supply zone. We should reach that zone by end of March or beginning of April. I am looking at the following dates for the top of this leg: March 28th / April 1st.
The next and 3rd Elliot wave is upon us. This is the longest wave which means the markets are going going much lower. Lower than the previous lows. I'll try to provide some targets in the future.
Elliot wave is not my only tool to predict the market cycle. I've confirmed this using fractals, volume and other tools at my disposal. I've studied the SPY, SPX, ES and the VIX.
Markets need to go lower to a new demand zone which will further propel the growth of world economies.
Excuse my error on the primary Elliot wave drawn above (in grey). It was incorrect and now fixed on the attached image. I wish trading view allowed modifications to the above live chart.
Good luck!