It appears as if the ABC correction is over, but it could just be the A wave of a bigger ABC pattern. If this is correct, then B wave could take us up to 3400 (50% retracement, previous resistance and psychological level) and then C wave could bring us down to 3000. This would mean that wave C is equal in length to wave A. The 3000 level also has a huge support and is also a psychological level. Let's see how this plays out.
PS: This analysis is just for entertainment purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
PS: This analysis is just for entertainment purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
Comment:
S&P 500 turned down from the predicted level but the downtrend will not be confirmed until 3306 becomes retested resistance.
