Boxed In...6th January 2023
🖼 Daily Technical Picture 📈
➤ S&P500 gapped lower and did not recover. It finished the day sitting on the support level. Price is clearly boxed in a consolidation phase as illustrated.
➤ Exponents of Elliott Wave Theory could interpret the current price action in two ways. In the Bullish case, price is developing an ABC corrective pattern after the 5 wave impulsive move off the October 2022 bottom. The Bearish interpretation is that price is in a wave 2 retracement as part of a 5 wave impulsive move lower from the December high. In either case, it points to a choppy period with a resolution soon.
➤ I currently hold a moderately sized long position.
➤ Conclusion: Who's right and who's wrong?
➤ S&P500 gapped lower and did not recover. It finished the day sitting on the support level. Price is clearly boxed in a consolidation phase as illustrated.
➤ Exponents of Elliott Wave Theory could interpret the current price action in two ways. In the Bullish case, price is developing an ABC corrective pattern after the 5 wave impulsive move off the October 2022 bottom. The Bearish interpretation is that price is in a wave 2 retracement as part of a 5 wave impulsive move lower from the December high. In either case, it points to a choppy period with a resolution soon.
➤ I currently hold a moderately sized long position.
➤ Conclusion: Who's right and who's wrong?
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✅ Verified Track Record 📈
Not Investment Advice
✅ Copy My Trades @ eToro, etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
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