Will the SPX continue an uptrend in the first half of 2019

In this article, we will take a look at the SPX medium-term prediction

Looking at the weekly S&P500 Index chart (SPX) we can see that the instrument has completed 3 waves from the bottom made in Feb. 2009. We have peaked at near the 3000 pints and since then the Index made a corrective pullback and bounced from the support 2366 level from near the 38.2% Fibonacci retracement of the Wave 3.

SPX weekly Elliottwave

 

 

Looking at the daily chart, corrective ABC downside swing seems to be over and we are now in the middle of the 5th wave from the Feb. 2009 bottom, which can easily reach 2900 points. ABC correction reached a perfect support confluence level 2350 where the long-term uptrend line is and the 38.2% Fibonacci retracement of the Wave 3 indicated in the weekly chart.

SPX Elliottwave technical analysis

 

 

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Intraday H4 chart reveals an uptrend target. As long as the 2650 level holds, we are still in the impulsive wave 3 with the 2880 level target, which is also 88.6% Fibonacci retracement of the latest swing down, where we could experience 4th wave correction. 

SPX elliottwave trading signal

 

 

We have used the combination of the top-down trading analysis   Elliott wave analysis and price action to get these key levels explained on the charts.

 

 

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