The SPX could be near or at the end point of Primary wave "5' up from the March 2009 bottom.
There's usually a Fibonacci relationship between waves "one" and "five" of Elliott wave motive patterns.
The SPX supposed Primary wave "1" - the rally March 2009 to April 2010 had a growth rate of 82.93% multiplied by the Fibonacci inverse ration of 1.236 equates to a
growth rate of 102.50% added to the supposed Primary wave "4" bottom of 2191.86 targets SPX 4438.54. The high on 08/06/21 was 4440.82.
Note, the SPX gain of 102.50% in just 17 months, other than the 1999 to 2000 tech stock mania, this is the farthest and fastest move for a US stock index since
the Dow Jones Industrial Average bull market 1932 to 1937. That super bull market came after the greatest bear market in US history. The 1932 to 1937 bull market was the kick off for a multi-decade mega bull market. The SPX move up from March 2020 came after only a two month bear market which was proceeded by a 10 - year secular bull market. The move up from March 2020 is most likely the blow off phase of the secular bull market, if so the subsequent bear market could last for several years.
My more extensive writings have detailed the NYSE and Nasdaq Advance/decline lines as well as the new 52 - week highs. Over the last few months these internal indicators have had shockingly bearish readings. The internal momentum of the US stock market is the most bearish since mid 2015, which subsequently resulted in the August 2015 mini crash and a multi month correction that lasted until February 2016.
Stock market bulls beware, you are on thin ice. The US stock market is seasonally bearish from August to October. Since March 2020 its been heaven for the bulls, you could soon be heading towards another place.
Mark
There's usually a Fibonacci relationship between waves "one" and "five" of Elliott wave motive patterns.
The SPX supposed Primary wave "1" - the rally March 2009 to April 2010 had a growth rate of 82.93% multiplied by the Fibonacci inverse ration of 1.236 equates to a
growth rate of 102.50% added to the supposed Primary wave "4" bottom of 2191.86 targets SPX 4438.54. The high on 08/06/21 was 4440.82.
Note, the SPX gain of 102.50% in just 17 months, other than the 1999 to 2000 tech stock mania, this is the farthest and fastest move for a US stock index since
the Dow Jones Industrial Average bull market 1932 to 1937. That super bull market came after the greatest bear market in US history. The 1932 to 1937 bull market was the kick off for a multi-decade mega bull market. The SPX move up from March 2020 came after only a two month bear market which was proceeded by a 10 - year secular bull market. The move up from March 2020 is most likely the blow off phase of the secular bull market, if so the subsequent bear market could last for several years.
My more extensive writings have detailed the NYSE and Nasdaq Advance/decline lines as well as the new 52 - week highs. Over the last few months these internal indicators have had shockingly bearish readings. The internal momentum of the US stock market is the most bearish since mid 2015, which subsequently resulted in the August 2015 mini crash and a multi month correction that lasted until February 2016.
Stock market bulls beware, you are on thin ice. The US stock market is seasonally bearish from August to October. Since March 2020 its been heaven for the bulls, you could soon be heading towards another place.
Mark