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Analyst Thoughts: S&P500 Medium-Term

  • Writer: Peet Serfontein
    Peet Serfontein
  • Jan 31, 2024
  • 1 min read

MATURING BULL TREND NEARING TARGET LEVELS.


  • The recent break above S1* has extended the 1,2,3,4,5-bull trend that is expected to target T1 and L*.

  • The immediate bull trend could terminate around T1 with an overdue W,X,Y bearish correction to S2 and M. While the W,X,Y type formation is preferred, a triangle or rectangle can also develop.

  • The overbought and diverging RSI (line D) confirms the potential for a correction.

  • A break below the previous top at S1* will activate the bearish corrective phase. 

 




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