Oil is usually a good indicator for when the SPX goes up. When oil goes up so does SPX. With that said that is a strong possibility that oil will go up next week. It looks like Oil did a ABC correction down, indicating there are a lot of more upside down. If that is true, we would see SPX follow and possibly hit 3000 SPX.
We can see that SPX bounced of the 0.382 when it did wave 1. Now we are at a 0.382 again, and we had a little bounce of that level. If we got a stronger bull candle of this fib, we would see a strong move up, targeting the upper resistance at 3020 SPX.
We can also see that USD/JPY is getting in a very tight range. That could mean two things, we either break up or down. With the US tensations, i dont see it breaking up. I expect a break below the support. If that happens we would see a huge boost in the stocks.
NVDA is a stock i am looking to long. The stock is heavily oversold, so we should expect a bounce to 160-166 USD.
Very fine analysis, ty for posting. IMO if we do have a EW bullish impulse forming then wave (ii) should retest ABC channel upper TL around 2810-2830 then pivot into (iii) of (5) to confirm the pattern.
Will find out real soon; this week, perhaps Tues/Weds to pivot. Keep us updated! tyvm, GLTA!
Neilbob
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very interesting, but you show a expanding triangle, shouldnt the EW be in 3 waves instead of 5?
INIFINIT3LIGHT
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Thanks for sharing the detailed analysis. Is there any timeframe you think we hit all time high?
LukeSkywalker
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@ShastryAnanth, I dont do a specific timeframe. But if i were to give a qualified guess, i would say 2-3 weeks.