I will analyze the S&P 500 Index on the daily chart only as it is perfect where it is now. As we can see from the chart, we have a combination of a Harmonic pattern and a Classis pattern.
By connecting the bottoms on 04-May-21 and 01-Oct-21 we create the bottom support line of the upward line. By connecting the peaks of the waves towards 02-September-20 where there is the first peak, the second peak on 16-April-21, and the third peak on 31-Gush-21 we gain the upper resistance line. With this, we also benefit a perfect channel.
Now, at the top of our structure, the price complemented a “Bear Crab”. The D leg of the pattern also fits perfectly with the fourth touch on the resistance trend line. The upper trend line may work out again by moving the price to 4549 and 4450 corresponding to the channel support line.
Targets: 4549 4450.0
Thank you and Good Luck!
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A better picture
Trade closed: target reached
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S&P500 it's very near the turning point. A small decrease in the price movement is expected and we can see the reversal very soon.
PURE garbage! Just a guess based on explosive move of late. But hey seasonality is even MORE important. the frenzy is here. Like sharks feeding on raw meat. Inflation is NOW guaranteed to explode higher and further than anyone expected. Want easy money. bet for an easy double of 10 year note yields in 6 months time. Get this. FED still actually BUYING treasuries in explosive end of deflation and a 40 year trend. JOLTS proved that people are quitting as wages are about to spike. Dollar easily hit 100 soon, OIL easily hit 100 soon, and retail sales on FIRE! But the yield on 10 year is where? Like the pet rock craze Bitcoin it is insanely out of the reality realm. SEASONALITY! next 2 months EXPLOSIVE MOVE UP UP AND AWAY! Even Buffett has dismissed his indicators because they are so far exceeding most prior highs by a mile. We are witnessing the great mega bull cycles death throws. Give it time. For this holiday bet anything and everything for all things rise in a tsunami.
@gdleibow, I am just replying to you because the way how you began your sentence was very harsh from your side. I am sharing here only my personal opinion and how I see the markets. Anyway, time is a crucial factor in investing. Hope you didn't invest everything as you said...you can begin to average down now.