SPX's chart/market is driven by Fundamentals ( FED) as most traders perceived. But I do agree with Robert Prechter and Alessio Rastani that market/ chart is driven by the "rotating cycle" of "supply/demand" rather than news/fundamentals even though I don't agree Robert Prechter with (Founder of Elliott Wave International) have been calling for major crash (which...
as you see on the chart
i think there is a millennium degree wave on monthly timeframe as wxy
already we are in the beginning of the wave 2 of c of y
this correction could decrease the price up down to 65$ and keep it there for next 2 years
but
if the chart breaks 85$ up , then we have a wave with the last high peak high around the 145$
wave y target is the top...
3.2t zone is an important reversal zone based of Fibonacci PRZ and also Elliott waves theory
we are now in the wave 5 of impulse of E
if the chart breaks up and fix over 3.2t the higher targets could be available
i think probably we have a zigzag or other form of correction soon
the correction will be the wave 2 or b of a higher cycle
"Beautiful Pictures from the Gallery of Phinance", Robert R Prechter Jr.
Copyright 2003 Robert R Prechter Jr.
Pages 18 & 19
The drawings I've added to this chart are directly pulled from page 19 of the book mentioned. The original charts referenced are the DJIA from 8/24/1921 to 09/03/1929, and the second chart in the comparison is the DJIA from 12/06/1974 to...
