S&P 500 IndexLong
Big Wave 5, of Mega wave 3 (Daily view)
Mega wave 2 would be the Mega A-B-C from the dotcom bubble, to the crash, to the great recession. Since then a wave 3 started, which has not yet ended.
Most recent december's crash (year ago) would be wave 4 of the mega wave 3 according to this count.
Fibonacci as suport and resistance levels.
The long targets are sofar arbitrary, as predicting a new ATH is very tricky on long time frames.
COUNTER POSSIBILITY
We could have been in a rising wedge since last december, if it breaks the wave structure (going below the smaller wave 1, see red arrow) the current wave analysis is to be adjusted. And we might instead have a more bearisch wave pattern.
Most recent december's crash (year ago) would be wave 4 of the mega wave 3 according to this count.
Fibonacci as suport and resistance levels.
The long targets are sofar arbitrary, as predicting a new ATH is very tricky on long time frames.
COUNTER POSSIBILITY
We could have been in a rising wedge since last december, if it breaks the wave structure (going below the smaller wave 1, see red arrow) the current wave analysis is to be adjusted. And we might instead have a more bearisch wave pattern.
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