S&P 500 Replace: Is a Pullback Brewing?…

Because the SPX rose over the previous three weeks, we now have elevated the every day warning ranges as follows: 1st, blue, warning at 6363; 2nd, gray, warning at 6336; third, orange, warning at 6281; 4th, closing warning (purple) at 6201, to point whether or not that pullback is beginning. As of at present, there isn’t any signal that it’s.

SPX6800 Stays Our Subsequent Bigger Goal

Based mostly on the present waves, the $6690-6820 zone for the potential inexperienced W-5, which is an prolonged fifth wave goal, falls inside our long-standing third wave goal vary of $6738-7121. See Determine 2 under. This goal vary is derived from the 123.6-138.2% extension of the black W-1 (March 2020 to January 2021 rally), measured from the black W-2 low (October 2022). The W-Three goal zone is typical for an ending diagonal (ED), as we contemplate the rally for the reason that March 2020 low to be a big (blue) Major W-V ED.