S&P 500 signals a significant equity breakdown #SPX $SPX
The chart on the left hand side shows the macro view. According to the chart and the Elliott Wave counts, we are very close to the end of a super cycle. Since 2009, the stock market is in a bullish period but this rise will end in this year though the increase is still robust.
If you look at the other chart, which zooms in the 5th wave, SPX may see levels above 3,000 but levels above this threshold seem to be unlikely.
The next question is where will be the next support level. It will be quite early to speculate but a .50 correction to 1,800-2,000 is quite possible.
P.S. RSI shows an overbought level on the right hand side chart. RSI will be above 70 for a while but the with the upcoming correction, the indicator will gradually fall.
If you look at the other chart, which zooms in the 5th wave, SPX may see levels above 3,000 but levels above this threshold seem to be unlikely.
The next question is where will be the next support level. It will be quite early to speculate but a .50 correction to 1,800-2,000 is quite possible.
P.S. RSI shows an overbought level on the right hand side chart. RSI will be above 70 for a while but the with the upcoming correction, the indicator will gradually fall.