S&P 500 Facing A Correction

S&P  500 fell sharply into wave C following UK votes two weeks back; it moved down into final wave of a big corrective set-back from April of this year. We see a flat correction, that is a 3-3-5 contra-trend move that appears finished following recent bounce from 1981 that has impulsive qualities so we think that price may go much higher but after a pullback down into a red wave 2) that is now underway to around 2040-2055.

S&P 500, 4H

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Tony Hayes CFA 6 years ago Contributor's comment

Dear Gregor,

Nonsense, and here is why:


JNJ is at least a double.

Kind regards

Tony Hayes

Gregor Horvat 6 years ago Author's comment

Great article, but I'm still leaning towards new gains.