Here is another updated look at my S&P 500 analysis. Here on the weekly chart, we can see that the general story remains the same. Despite the sharp recovery that we've seen in the stock market, it is behaving EXACTLY as anticipated. In fact, if you look at my S&P 500 analysis from the lows of the coronavirus breakdown, you can see that I called for this upside move by showing that the S&P is in the process of forming a massive head and shoulders pattern at the top of the chart. Additionally, that head and shoulders pattern could be the head (H) of an even larger head and shoulders pattern, which is also shown on the chart (LS, H, RS.)
It's no secret that the world is in a full blown recession right now, and it's just getting started. Stocks are ridiculously overpriced, and I think we are absolutely on the brink of an epic meltdown in the equity markets. The chart says it all.
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
@gcove, 400 on the spx I think he's been smoking some of that secret stash.
fract
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@TomPower, @CryptoCheck-, I guess situation with spx won't be that radical. Recession will have a little more moderate impact on spx:
AspiringPro
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You are essentially predicting the end of the United States here. It is a very brazen and bold analysis. The ramifications of such a crash are intense. Both presidential candidates are likely to just let the system fall, two old farts instead of young hungry hawks. Thank you for your analysis.
Dan_Wang
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Stop posting bearish ideas if you are not shorting the market. I don't think you are because you have liquidated all your short position from the past weeks.
dRends35
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This is a dream - this crash may well impress on the last 2 and be deep but to suggest that the bottom can be $400 because you can draw a trendline is a bit silly.