SPX target achieved, what next?

Ανάλυση για Αττικής, MIG και Ελλάδος
October 4, 2017
Πιάσαμε όλες τις κινήσεις σε όσες παγίδες έπαιξαν…
October 5, 2017

In previous posts where we made a short-term analysis in SPX, we initially had two scenarios. Either 2520 or 2360 was to be seen during September-October. Following that post we saw price respecting support levels and gave more chances to the bullish scenario as the index did not break 2420. The analysis that followed here and here suggested that bulls were in control. Price never broke down below critical support levels and we are now above 2520 having our target achieved. So what now? Price will soon reverse towards 2500-2510 for another wave 4 correction.

SPX is near completion or has already completed 5 waves up from 2420. Price is making higher highs and higher lows. Price remains inside the bullish channel. Now the boundaries of that channel around 2510 are to be test as a wave 4 pull back should soon start.

Longer-term trend remains bullish according to my automated system with critical support at 2480.

On a daily basis as long as price is above 2505 short-term bulls have nothing to fear. The next wave up could and should take them around 2600-2650.

 

We will be monitoring things closely and will update this view once we reach target or see something that can change short-term plans. Thank you for taking the time to catch up to my thinking.

 

Alexandros Yfantis
Alexandros Yfantis

Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.

  • skyhawk

    Termination of this bull trend is very close))) Expecting some fireworks between now and years end