In March 2023, I predicted that the US500 would experience an uptrend after breaking the bearish trendline that had constrained the price since 2021. The price successfully breached the trendline and underwent a retest.
The following analysis resulted in an impressive gain of over 9000 pips. This development is particularly significant for long-term investors and position traders.
Currently, the price is above the 2021 all-time high. What lies ahead for the US500?
To anticipate the next move, we should monitor if the price closes above the current high. A period of consolidation or a retest, coupled with a bullish engulfing signal, would suggest the potential continuation of the uptrend. My target levels include psychological milestones such as 5000, 5100, and 5200. The extent of this trend remains uncertain, given the absence of resistance above. As the year progresses, price action will provide further insights.
However, a different scenario might unfold. If the price breaks and closes below the all-time high, accompanied by signs of a loss of momentum and a pattern indicating a trend reversal, I would consider shorting the US500.
What are your thoughts on this analysis? Please share your insights below.
The following analysis resulted in an impressive gain of over 9000 pips. This development is particularly significant for long-term investors and position traders.
Currently, the price is above the 2021 all-time high. What lies ahead for the US500?
To anticipate the next move, we should monitor if the price closes above the current high. A period of consolidation or a retest, coupled with a bullish engulfing signal, would suggest the potential continuation of the uptrend. My target levels include psychological milestones such as 5000, 5100, and 5200. The extent of this trend remains uncertain, given the absence of resistance above. As the year progresses, price action will provide further insights.
However, a different scenario might unfold. If the price breaks and closes below the all-time high, accompanied by signs of a loss of momentum and a pattern indicating a trend reversal, I would consider shorting the US500.
What are your thoughts on this analysis? Please share your insights below.
