SPX seems range bound by the 2 blue wedge lines (potentially ranging between 3900-4k or 1.272 to 1.414 Fib levels) Measurement of the previous wedge height says that SPX may go even overshoot the very strong & popular support at 3800.
3800 is a 21% correction Edge of a bear mkt & is also a 1.618 retracement of latest rally from 4129.50 to 4631 ATH. This level should be strong enough if we are not going into a bear market like Nasdaq did.
3800 may be the bottom of ABC correction.
Bear Market scenario:
If we are to enter a bear market, 3600 is a 25% drop to the Nov2020 vaccination launch which may may have started a secular bull market. Note that 3500 is 2.272 retracement.
Next support will be at 3400, a 30% drop to the 2.414 retracement level.
4Q 2022 will be very strong for SPX, probably retesting ATH at 4631. 3Q may be consolidation to digest the big crash & to set a new direction.
Not trading advice
3800 is a 21% correction Edge of a bear mkt & is also a 1.618 retracement of latest rally from 4129.50 to 4631 ATH. This level should be strong enough if we are not going into a bear market like Nasdaq did.
3800 may be the bottom of ABC correction.
Bear Market scenario:
If we are to enter a bear market, 3600 is a 25% drop to the Nov2020 vaccination launch which may may have started a secular bull market. Note that 3500 is 2.272 retracement.
Next support will be at 3400, a 30% drop to the 2.414 retracement level.
4Q 2022 will be very strong for SPX, probably retesting ATH at 4631. 3Q may be consolidation to digest the big crash & to set a new direction.
Not trading advice
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해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.