The S&P500 ( SPY ) has seen lots of sideways price action and consolidation for the past few weeks or so, but I believe that we could be seeing an impulsive break-out in the near future. This would form the impulsive wave 3 of a final wave 5 push to the upside before the bear markets kick in around the summertime months (July-August).
We will need to see confirmation of a bullish break-out to know that we have entered an impulse wave to the upside. If SPY can break-out over 421-422 (heavy resistance levels), targets of 430+ are very achievable as denoted in the charts. A possible explanation for the recent lack of volume and price direction could be due to the fact that meme stocks ( AMC , GME , BB, BBBY , WKHS , etc.) have taken over the market and soaked up buying interest. Once buying power gets re-directed back into S&P500 stocks, we should see some bullish momentum that is needed to kickstart the impulse wave to the upside.
@dominicflo97,
Nikola Tesla was a successful inventor and sence person. He was not after money.
Mr Elliot was unsuccessful trader
What is is your point in comparing the two ?
Why would you use a theory made by unsuccessful person?
dominicflo97
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@akatsiya, they both died penniless and broke but nevertheless still changed the way our world works.
akatsiya
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@dominicflo97,
How does this help you make money?
This EW does not work. Proven by Mr Elliot himself
Tesla has nothing to do with it.