S&P 500Long
SPY SPX S&P 500
I believe the next 6-12 months will put the s&p potentially higher than my previous target, depending on whether or not this is in fact the start of a wave 1 of 3, part of the 5th wave of a higher degree (purple) wave 3.
If current turquoise wave 3 is extended, then wave 5 will more than likely perform a "throw over" in relation to the 45 degree channel in this chart
However, failure to break the previous X wave, will result in one Final down before a purple wave 5, invalidating the current impulsive count. (potential WXYXZ is still visible on chart)
As of right now, I can say with confidence that the 200 MA will cross the 3200 ma on this 1 hour time frame, by the time it reaches the 3200, the price will be ~4400$ +
for a longer-term and complete Wave Count of S&P500, An Older post is tagged below
If current turquoise wave 3 is extended, then wave 5 will more than likely perform a "throw over" in relation to the 45 degree channel in this chart
However, failure to break the previous X wave, will result in one Final down before a purple wave 5, invalidating the current impulsive count. (potential WXYXZ is still visible on chart)
As of right now, I can say with confidence that the 200 MA will cross the 3200 ma on this 1 hour time frame, by the time it reaches the 3200, the price will be ~4400$ +
for a longer-term and complete Wave Count of S&P500, An Older post is tagged below
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