Expected to have completed wave 5 of the impulsive move from the low of 4104 on 28 oct and expect a 3 swing correction against this rally. So expecting a decline in S&P before any further rally
Dow Jones Industrial Averages weekly view-
DJIA expects to have completed the correction against the rally from Mar 2020 and expecting to extend further highs in wave 3 of supercycle degree a range of more than 5200 as far as it remains above 4100.
SPX is anticipated to have completed the correction against the rally from the low of 2191 in March 2020 of cycle degree. Currently, it is expected to be in wave 3 formation of cycle degree, with the outlook for SPX to extend further high in wave 3 as long as it remains above 4103 and does not break the trend line.
S&P tomorrow views-
Expected to be in wave 3 formation and expecting a small decline before S&P resumes to rally further high to complete wave 3. Overall expect S&P to trade higher.
Anticipating Wave 4 formation in the near term, followed by a rally in Wave 5 to conclude the entire impulsive wave. Subsequently, a decline is expected in SPX.
EIGHTCAP:SPX500 -- Stage of exaushation now ready to give down move till bullish order block , Expecting US markets open gap down , lets see market action.
This year, SPX is up 8.84% compared to Nifty50 up 4%. Nifty50 is plotted in USD currency so that the comparison makes more sense.
If you also look at the price actions, both the charts are showing good correlation. It will be interesting to find out how Nifty50 will close the 4.84% gap.
USDINR is up 0.59% year to date.
This chart of the SnP has been posted by Me in the past with the levels of the Cup and Handle formation. I have recently been studying the data for the US markets of the Last 72 years and what it shows is this.
1. In the Last 72 years............. The market dropped 34 times. Of this 34 times, on 12 occasions it went to below 20% calling it a BEAR MARKET...
4200 has confirmed as new base and good support for medium time frame (1h)
after the retest price followed and formed higher high and higher low
currently halting near 4400-4300 zone price seems to consolidate
many of us looking it as flag and pole and will look to buy on trend continous
as a fib retracement there is possible less probablity to gain good risk...
I have my ways of going about markets and I just dont follow what others do. I am NOT convinced that the World Markets are Crashing yet....... NOT YET. No amount of MACDs/RSIs or other eye catching indicators can convince me yet about a Crash..... Give or Take a few points here and there i have given you all what I see and understand Best
As on the Dow............ so on the S&P. Not a Single Analyst or a Television Commentator is Bullish on the USA markets...... I am sticking my NECK OUT AGAIN ....... Behold the GOOD TIME COMMETH................. 2023 dec to 2026 dec.... Could even happen earlier and then a MASSIVE CRASH
