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S&P Elliott Wave Forecast – April 12, 2024
Introduction
The S&P has recently shown interesting patterns and movements, hinting at potential shifts in market direction. This Elliott Wave forecast provides insights into the recent market trends, identifying key patterns, resistance levels, and potential future movements based on technical analysis.
Recent Market Trends
- Zigzag Pattern Completion: It appears that the S&P may have completed a zigzag pattern from the all-time highs, with today’s movement resembling a 4 of 3 before the 5 of 3 in a 3rd wave pattern. This pattern indicates potential short-term volatility and corrective movements before a continuation of the bullish trend.
- ABC Correction: The ABC correction seems to have hit the target precisely, and the reversal observed today could potentially trigger another multi-month rally, signaling renewed bullish sentiment in the market.
Short-Term Outlook
- Reversal and Multi-Month Rally: The recent reversal observed in the S&P could be a significant turning point, potentially triggering another multi-month rally. This bullish movement could pave the way for higher highs and sustained upward momentum in the market.
Key Resistance Level
- Resistance at 5250: The 5250 level has been a significant resistance point for the S&P for some time. In order to set up a new long upswing and confirm the bullish trend, the S&P needs to clear this resistance level with authority, indicating strong buying pressure and potential for further upward movement.
Conclusion
The S&P has shown intriguing patterns and potential shifts in market direction, with indications of a completed zigzag pattern and a possible multi-month rally on the horizon. While the recent reversal and completion of the ABC correction are promising signs for bullish sentiment, clearing the resistance at 5250 remains crucial for confirming a new long upswing. As the market continues to evolve, monitoring key technical levels, patterns, and market sentiment will be essential for making informed investment decisions and navigating the dynamic landscape of the S&P market.
