SPX500, together with Nasdaq, has incredible power and is a great opportunity for traders and investors.
On the 4h/daily chart, we have a descending broadening wedge, so you can wait for a breakout of this pattern to enter a long position.
According to my Elliott Wave analysis, an ABC correction has ended, and there is a strong possibility of a new impulsive wave to the upside!
As you can see, we have a total of 3 trendlines on this chart, which prints a very nice market structure.
The previous all-time high is the next stop, and after that, we will go much higher.
The price is currently sitting on the 0.618 FIB, which is definitely the strongest fibonacci level that provides a tremendous buying opportunity at this point.
Look at my ideas about Bitcoin, Ethereum, and TOTAL crypto market cap in the related section down below.
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Fundamentals are too hard to ignore - Europe is a recession-depression - with layoffs and factories closing for good - -Britain same -- China huge slowdown property crisis ---dollar strong so USA companies cannot sell overseas.....Rising rates here --- so who has the money to buy stuff to create earnings to give these overpriced stocks a reason to rise...Trust me -- BUYERS AND CLIENTS are not surfing to the USA on an Elliot Wave.....Next stop 3500 SPX
Nickquick7
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@CapeAfrican, I love this comment “surfing on an Elliot wave” hahahah brilliant.
SquishTrade
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Thanks for your post. Here is my shorter-term view, which aligns with yours. Longer term, however, I'm a little more bearish into next spring 2023, though I think your rally could materialize into year end. Thanks for your charts!
@Tolberti, yes. Based on MY count, not yours. Check my tradingview for more information. This is almost certainly NOT an impulsive movement to the upside. To say it is, would require a great amount of delusion.