The decline in US stocks since the start of 2022 has been choppy and strictly in Elliott wave terms could be
a correction within an on going long-term bull market. Long term sentiment and momentum evidence which have been noted
in several of my prior posts strongly imply a major top in US stock was probably made in January 2022.
This SPX chart illustrates a developing complex correction which could have more downside action.
The rally that began on 06/17/22 is now the longest in time and the largest in price since the drop began in early January.
The current rally is probably Minor wave "X" - after its completion the SPX could be ready for a significant drop.
My minimum SPX downside target is 2,800.
Time target for "X" wave top is 08/17/22 to 09/01/22.
Price target for "X" wave top is in the low 4,300 area.
a correction within an on going long-term bull market. Long term sentiment and momentum evidence which have been noted
in several of my prior posts strongly imply a major top in US stock was probably made in January 2022.
This SPX chart illustrates a developing complex correction which could have more downside action.
The rally that began on 06/17/22 is now the longest in time and the largest in price since the drop began in early January.
The current rally is probably Minor wave "X" - after its completion the SPX could be ready for a significant drop.
My minimum SPX downside target is 2,800.
Time target for "X" wave top is 08/17/22 to 09/01/22.
Price target for "X" wave top is in the low 4,300 area.