The range of predictions is quite wide this year and so the different surveys give very different results. It’s that time of year when Wall Street’s top strategists tell their clients where they see the stock market heading next year. Typically, the average of the group’s forecasts sees the S&P500 up about 10%, which is in line with historical averages.
From an Elliott wave perspective we see SP500 in a corrective setback from ATH, but its not clear if correction came to an end or no. The reason is the recent unsuccessful break out of a downward channel, so that’s either now a temproary intraday pullback, or possibly even wave C of Y heade to a new low. In either case, we think that SP500 can be much higher in 2023 when FED may stop hiking cycle. The recession fears are also in eyes on FED members, and if this one occurs, there can be some nasty spikes down on stocks, before they stable like after each recession shock.
by Stavros Chanidis and Grega Horvat
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