I see people laughing at Tom Lee's call of 4400 by the end of the year, and yes - I doubt the timing, but I don't doubt that the target is close to there.
.618 fib from the top on SPX cash is 4320 and with a spike through 4370-4400 is possible.
I think one more high to complete the current A wave is coming soon, maybe this week or next. Into Christmas we likely pull back down a bit for B. So no Santa rally this year, but certainly a buying opportunity in my opinion.
Not only would 4320 -4400 be an important Fibonacci target area, it would also take out stops from the previous high on August 16, which makes sense if we are to get that close. We would also comfortably fill the above gaps on SPX cash. Lastly, it's also the pitchfork median line target.
I hope it's helpful, good luck!
.618 fib from the top on SPX cash is 4320 and with a spike through 4370-4400 is possible.
I think one more high to complete the current A wave is coming soon, maybe this week or next. Into Christmas we likely pull back down a bit for B. So no Santa rally this year, but certainly a buying opportunity in my opinion.
Not only would 4320 -4400 be an important Fibonacci target area, it would also take out stops from the previous high on August 16, which makes sense if we are to get that close. We would also comfortably fill the above gaps on SPX cash. Lastly, it's also the pitchfork median line target.
I hope it's helpful, good luck!
Comment:
target area for A reached, certainly could go higher, but I think a pullback to ruin this last rally is soon.
