Technicals: Bracing for a 4% to 10% market correction but with an end the year close to 6000 on the SPX500. I speculate that this correction will last up to three months. Then, a rise up to about 6000 by the end of the year of 2025.
The buy zones are 2.5% to 4% deep from the all-time highs, and 9% to 10% deep from the all-time highs. The S&P500 is currently down 2.5% from its all-time high in confluence with a 38% fib. This may be the first biggest negative week since the beginning of 2024.
4% deep will be in alignment the first major daily horizontal support level at 5080 on SPX500. This is in confluence with a 61.8% fib, as well.
9% to 10% deep will be in alignment with the all-time high horizontal support of 2022, which is also in confluence with a 38% fib from the low of 2023 to April 1, 2024's high three days ago.
Daily chart:
Weekly chart:
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Correction: I anticipate an SPX500 2.5%-10% Market Correction, then a rally to around 6000 By End of 2024, not 2025.
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The potential evening star is potentially here if negative weekly close. Then, a needed drop.