top of page
Writer's picturePeet Serfontein

Analyst thoughts: S&P 500 index

VIEW RETAINED: TESTING THE PREVIOUSLY RECOMMENDED TARGET AREA


  • The long-held ABC bullish view from S4 to R1* is testing the target range.

  • The interim labelling has been adjusted to incorporate recent price action.

  • While the bull trend remains intact the outlook remains neutral with the illustrated stance of an increasing correction probability to S0* and eventually S1 over time.

  • The importance of the target area:

    • R1/R2* is cluster resistance where C=1.618 of A , as well as where grey 3= 1.618 of 1. These are common extension levels.

    • The RSI oscillator is overbought and diverging.

  • Important levels:

    • R1 and S0 define the immediate range, with the long-term range being between R2** and S3**.

    • Conviction: Medium









12 views0 comments

תגובות


bottom of page