It appears as if the ABC correction is over, but it could just be the A wave of a bigger ABC pattern. If this is correct, then B wave could take us up to 3400 (50% retracement, previous resistance and psychological level) and then C wave could bring us down to 3000. This would mean that wave C is equal in length to wave A. The 3000 level also has a huge support and is also a psychological level. Let's see how this plays out.
PS: This analysis is just for entertainment purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
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S&P 500 turned down from the predicted level but the downtrend will not be confirmed until 3306 becomes retested resistance.
@AlbCM, Final leg down by Oct 13rd on my side (So I agree with you, with only a couple of opened days difference).
Then it may skyrocket until Dec.20th. Maybe +25% up.
I know it looks weird in such a destroyed economy. But the anthological mega-crash will "fix everything" in Q1-2021.
AlbCM
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@HaroldChaat, that's very close to what I see as well, both on the way up 20+% and then down again from next Jan. Care to share how you come up with your scenario?
Email-Trader
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@AlbCM, I've built a 40 years cyclical model that I update every 6 months to get an idea on where we are heading, and to get some turning points sometimes.
My last 3 updates, Sept-2019, March-2020 and Aug-2020 are all drawing this mega wave. Big-up and big-down.
I'm going to play it ...
The model was quite accurate on the last turning points. March-23rd and June 9th were found accurately.
The current wave down was supposed to start on 23rd of Sept on my model. It started earlier than anticipated. I haven't taken it ...
AlbCM
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@HaroldChaat, how can I see your model/charts? I also caught Oct'18 high, Oct'19 low, pre-Covid top and bottom, and this Sept top. Let's see how my Oct 9 low plays out.
AlbCM
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@HaroldChaat, That's a very accurate chart. In addition to what I said earlier about Oct bottom and Jan 2021 top, your March-April low also matches with my projection. All three points - how could this even possible?