Christmas Rally still ahead Long

SPDR S&P 500 ETF TRUSTArca

Description

⋅ Dec 3, 2021 4:15 AM

This is not an investment advice. Please do your DD.

The market has been selling off lately due to the new variant but I think it was expected.

From my last ideal where I mentioned we were in a bullish megaphone pattern (See below) played out exactly.

Now I think we are doing exactly what we did last November but a little late.

I still expect a rally starting a week before Christmas.

I think we (could) be in the final phase of the long term market cycle but I will update again in January.

Chart Patterns Trend Analysis

Comments

mathieu660r

⋅ Dec 5, 2021 4:01 AM

it's not because of COVID, it's because of fed tapering

Vibranium_Capital

⋅ Dec 4, 2021 1:28 AM

2022 rally, maybe not this year

samitrading

⋅ Dec 3, 2021 10:56 AM

Nice count buddy, would share your (iii) wave count with me would love to compare notes . Thank you in advance !

BlackisKing

⋅ Dec 3, 2021 2:44 PM

@samitrading, check out the SPX500USD on monthly time frame.

poister198

⋅ Dec 3, 2021 9:00 AM

Great chart but would only agree if yestersay's close form a short term support. Else the downtrend is still extremely strong, hard to hypothesize going against the tide

BlackisKing

⋅ Dec 3, 2021 12:57 PM

@poister198, Thank you. I still expect the downtrend to continue but mostly sideways.

macon2020

⋅ Dec 3, 2021 8:17 AM

Well, it's all window dressing right? I agree with you. But when it comes to individual stocks, go with the blue chips because which has been performing well. The ones performing poorly will be sold off for tax losses

BlackisKing

⋅ Dec 3, 2021 12:59 PM

@macon2020, I agree with you on the tax loss selling.

thankyouman90

⋅ Dec 3, 2021 7:21 AM

13% drop?

BlackisKing

⋅ Dec 3, 2021 1:03 PM

@thankyouman90, last November was 10.5%. We've only done about 4% this year. So compared to last year we still have room.