Short
S&P 500
Weekly
ABC correction:
The "death cross" has also shown here how powerful its effect is.
As with previous assets, I expect June to be slightly lower than May, so I see these levels as the next potential targets:
1. 3845.2 = 1.382% of Red (A)
2. 3813-3810.9 = 0.382% of the total distance between the March 23 '20 low and ATH
3. 3768.4 - 3704.8 (3684.9 = 1.618% of the red (A)
As long as price stays below 4143, the SMA 200 would be the 4th target down at a later date, which would then be 0.5% (3502.2) of the total distance since C-low.
ABC correction:
The "death cross" has also shown here how powerful its effect is.
As with previous assets, I expect June to be slightly lower than May, so I see these levels as the next potential targets:
1. 3845.2 = 1.382% of Red (A)
2. 3813-3810.9 = 0.382% of the total distance between the March 23 '20 low and ATH
3. 3768.4 - 3704.8 (3684.9 = 1.618% of the red (A)
As long as price stays below 4143, the SMA 200 would be the 4th target down at a later date, which would then be 0.5% (3502.2) of the total distance since C-low.
Note
TP 2. 3813-3810.9 reachedNote
5 months ago I predicted today's low as follows:"As long as price stays below 4143, the SMA 200 would be the 4th target down at a later date, which would then be 0.5% (3502.2) of the total distance since C-low."
The specified target @3502.2 was reached today.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.