Hello everyone!
First two new charts for 2024. Another year another upside logic market. We're breaking ATH with continually decaying economic data, new banking troubles, new wars, and an election year and markets ignore it all. It's a Fed controlled market so mysterious!?
Anyhow, in this chart I did a vague not so accurate EW that began Jan 2022 that bottomed in Oct 2022 which basically bounced off the Feb 2020 highs which pushed us into this new bull market. We finally broke the ATH for the S&P today with 5015ish, which makes me believe we should soon see a corrective wave hit.
The first support will be early Jan support of 475. If this stays within this channel, we should see the correction over (C) at the same level as (2) of the bear market of 2022 which is March/April of 455ish giving us about a 10% correction.
Now, this is all IF markets go as planned and there are no external factors influencing selling such as a larger scale geopolitical war, banking failures and so on. This is based off a market that is going at the current pace.
That being said, I do see a major geopolitical event that will shake markets to their core but until then, we base our market moves on the Feds dovish nonsense.
Technicals:
- RSI, MACD are about peaked.
- VIX is at critical levels
First two new charts for 2024. Another year another upside logic market. We're breaking ATH with continually decaying economic data, new banking troubles, new wars, and an election year and markets ignore it all. It's a Fed controlled market so mysterious!?
Anyhow, in this chart I did a vague not so accurate EW that began Jan 2022 that bottomed in Oct 2022 which basically bounced off the Feb 2020 highs which pushed us into this new bull market. We finally broke the ATH for the S&P today with 5015ish, which makes me believe we should soon see a corrective wave hit.
The first support will be early Jan support of 475. If this stays within this channel, we should see the correction over (C) at the same level as (2) of the bear market of 2022 which is March/April of 455ish giving us about a 10% correction.
Now, this is all IF markets go as planned and there are no external factors influencing selling such as a larger scale geopolitical war, banking failures and so on. This is based off a market that is going at the current pace.
That being said, I do see a major geopolitical event that will shake markets to their core but until then, we base our market moves on the Feds dovish nonsense.
Technicals:
- RSI, MACD are about peaked.
- VIX is at critical levels
Trade active:
Watching.. waiting.
