S&P500 time for this rally to consolidate

Those of you following my channel here for long, know that I am a long-term stock investor and wait for the right time to buy the index at a low price. Last month even called here the bottom of the 'Ukraine-Russia war' correction based on the DotCom Bubble fractal, which is so far playing-out very well:


However, I do not hesitate to call for rally pauses or pull-backs when I see one. And currently, based on the COVID correction price action, S&P500 may enter a 2-3 week consolidation phase, as the mid-March rally loses momentum and exhausts. Keep in mind that it was the COVID fractal and its 1D Death Cross, that helped us time the bottom. See how on both sequences, the 1D Death Cross was formed right after the market bottom.

Now that the price broke above the 1D MA50 (blue trend-line) and the 0.618 Fibonacci retracement level, we should keep an eye on where the 1D candles closes. A closing above the 4595 Resistance of the February Highs, could invalidate the similarities with 2020 and sustain the rally all they way to the 4820 All Time Highs (ATH), but in any other occasion, a pull-back and multi-week consolidation is more likely.

As long as the 1D MA50 supports, dips should again be bought. This is invalidated if the price breaks again below the former Lower Highs trend-line. Note how the RSI sequences of the two fractals are virtually identical.


--------------------------------------------------------------------------------------------------------

** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **

--------------------------------------------------------------------------------------------------------