The bullish trend ended 28-March 2024... What we are seeing now is the peak of wave B of an ABC correction, based on the EW theory charting system... Let's dive in.
Today we are looking at the S&P 500 Index.
The first thing to notice is the new All-Time High hit recently. As explained in the DJI trade idea, this ATH is part of an irregular correction. This happens due to inflation/monetary expansion.
We can tell that a correction is approaching based on the strong bearish volume that came in 15-March 2024, this is clearly shown on the chart.
Right after this negative day, we get a top and wave A of the ABC.
Zooming in, we can clearly see a multitude of bearish signals:
β The last three candles are bearish. β The ATH session closed red. β Yesterday's session closed as a shooting star. β Multiple GAPs waiting to be filled that were left open on the way up.
π It seems everything will crash; Bitcoin and the Stock Market.
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