S&P500 completed a 0.5 Fib correction. Strong buy opportunity.

18 Nov

The S&P500 index (SPX) reached on Friday the 0.5 Fibonacci retracement level, a technical correction that started after the price made a Higher High at the top of the 2-month Channel Up. The 1D MA50 (blue trend-line) has been tested (and held) already on the day of the U.S. elections, so now we are technically still on the new Bullish Leg of the pattern.

As you can see, since the April 19 2024 bottom and the start of the even longer Bullish Megaphone pattern, every time a pull-back stopped within the 0.382 - 0.5 Fib range, the index resumed the bullish trend towards the -0.618 Fib extension. The 1D MACD with its Bullish and Bearish Crosses, is also illustrating this symmetry.

As a result, we believe that the current pull-back is over and we are now targeting 6210, which is within to potential -0.618 Fib targets.

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