SP500 on its way to 2826 - 3144

5 apr 2020

Looks like the bottom is set on a long term timeframe (weekly). Looking for wave B, with target of at least 2826 (50%) but more probably between 2957 (61.8%) and 3144 (78.6%). Momentum on weekly TF indicates selling power is exhausted for now. This is probably not the end of the bear market, i expect another leg down as the correction from (5) to (A) is done too quickly. We need a correction that contains 3 elements, that could last until september.

So for the next couple of months bullish, but after that a big and devastating downtrend that set's a new low is expected.