Stocks Analysis by Dr. Arnout ter Schure covering: S&P 500. Read Dr. Arnout ter Schure 's latest article on Investing.com
“if the index can stay at least above SPX5880, and especially last week’s low at SPX5696, we must allow it to ideally target SPX6060, possibly as high as SPX6175 before the next correction of around 5-7% can start.”
Besides, W-iii typically targets the 123.60% extension of W-i, measured from W-ii. The W-iv then tends to correct back to the 61.80% extension, after which the last W-v targets the 161.80% extension. In this case, we are looking at W-iii to reach at least SPX6060, W-iv should bottom around SPX5735, and W-v can reach at least SPX6275.
Thus, the Bulls held the index price above the critical SPX5880 level, allowing our premium members to stay on the right side of the trade as the red W-iii was still underway. The green W-c subdivided into another set of smaller abc. Thus, we can raise our warning levels from our last update: if the index can stay at least above SPX5984, and especially the November 21 low at SPX5887, we must allow it to ideally target SPX6060, possibly as high as SPX6175 before the next correction of around 5-7% can start.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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