💾 SPX Conquers Another Resistance, Bulls Strong, EW Theory

13 Jan 2023

This level here marked orange, 3971, is important for the SPX based on multiple indicators and we see a close above it; this is good for the bulls.

A rising window/gap, was left from 10 to 11 January which is a bullish development but at the same time these gaps tend to filled we just don't know when.

So the bias is up, upwards, strong but there can be a sudden shakeout or retrace at some point.

The more probable scenario though is that the SPX continues with its bullish move and this gap is filled when the main correction comes by the 1st of February.

The correction will happen when the FED announces their next rate hike.

We have all the way until January 31/February 1st to gradually rising prices.

One final note. Between today and the 22nd of January there can be some uncertainty at some point... If this uncertainty makes itself clear, stay in the knowing that the end goal will remain up.

I am wishing you a lovely weekend ahead.

If you are one of the dying bears, do not worry, the market works in cycles and this meant to happen... At one point people will become complacent on the way up, they will become over-confident and then the market turns.

There is never straight down nor straight up...
More like Elliot's Wave Theory and Nature's Law...
5 steps forward, 3 steps back.

5 The impulse, can be up or down.
3 The correction, can be up or down.

Sorry... I got carried away.

Namaste.