FX:SPX500 S&P 500 index of US listed shares
Hello everybody. At this point, there are two versions of events. The market faced the line of resistance of a big downward channel. It can be seen in all charts of indices: Dow Jones, DAX , CAC -40, AEX . If the market will breaks through the resistance line of channel, then we will see the growth of all . If the break line of downward channel does not happen, the market will go in the long term correction until the autumn 2016.Next week one of the two variants will become a reality. I think today we have a time for growth. Summer has not arrived yet. Probably, we will see a breakdown of resistance lineof channel and the rally will be continued. The movement from February 29 till March 24is a wave (3). It consists of waves of a small degree. Unfortunately, I do not see clearly the structure of these waves. I think we see only part of the wave (3). All waves of trend (3) will be related by Fibonacci. Wave 1 for example, is related to wave 3 with the ratio of 1.382.But perhaps this is not so and wave (3) is completed. I will wait for some more time and monitor the situation. The situation will soon become clear. Now the may be fall to the level of 2000 points. In this case the structure of wave (3) will not be brake. The market is moving in the channel. I do not see the breakdown of the support line of the ascending channel.