nguyenags
Short

SPX 500 analysis. Medium bearish. Long term bullish

FX:SPX500   S&P 500 index of US listed shares
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I just did some analysis for SPX500             . There are 2 charts daily and weekly. I used daily for short term and medium term and weekly for long term. Please feel free to comment.


Short term is bullish . Look like price will bounce off from 1821 and in very short term go up to 1923-1940 area. Then will be cap off by the top trend line of triangle pattern .
snapshot

Medium term is still bearish . Price will consolidate as wave 4 (black wave on daily chart ) is developing. I believe price will break 1821 support, it will go down to 1731 area to complete wave 5. This area will provide a nice support and price should bounce off from it. Break 1731 and price will likely to go down to 1577. I do not expect it goes lower than 1577 as I still see a long term bullish for stock.

Long term is still bullish . We are at corrective wave 4 (red circle on weekly chart) of the whole trend started in March 2009             . and I still expect an impulsive wave 5 that will make another all time high. I will be buyer when price hit 1731 or 1577 area.
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