Retracement complete - Downward trend to continue

10 февр. 2023 г.

The short argument:

• Taking a look at the weekly chart on S&P500, I believe this Elliot Wave Pattern looks pretty good *to me*.
  
• We've just completed the ABC retracement, and looking to continue the downtrend to 3350 and the end of the initial bubble, before the super bubble after the initial pandemic drop.
  
• We came right to the 50% fib retracement on the down trend over these two weeks.
  
• That green line goes back to 2009 and has been consistent stopping point.
  
• Weekly StochasticsRSI is sitting well into overbought territory
  

The Long argument:

• There are factors to say we could go long from here.
  
• We've broke out of those yellow trend lines - Maybe Powell is giving a false sense of bullishness and a bit of FOMO happening here
  
• Golden cross of 50 over 200 daily SMAs
  

Elliot wave experts out there, tell me if i am off.
I kind of expert market sentiment to be a bit higher than expected today, but don't think it will blow this downward trend apart.

There are arguments for both long and short here, but that Golden cross doesn't feel the same as it usually does. Maybe i'm just focused more on the negatives, and can use a sandwich. :)
May the odds be ever in your favour!

Inaugural