SP500 is at first major support based on several evidences from technical point of view and from Elliott wave perspective.
SP500 is making nice and clean A-B-C correction as we have been warning about in past updates.
Check our previous blog HERE.
Below are some of the important key points for a potential bounce on stocks in next few weeks.
End of Q3
Normally end of the quarter are important flows, because the portfolio adjustments, so ti can impact the trends, and causes a change in cycles
Seasonal Chart Of SP500 Is Bullish For Octobe
Historically speaking, September is not good month for stocks, but October is. So, can we see a bounce on stocks?
Trendline Support
As long as trendline holds, trend is up!
June GAP Fill.
When gap is filled, flows will change because some unfilled orders got exacetued int hat price, so the market can change a direction after fill.
A-B-C correction
Thats a bullish pattern, because it represents a correction within uptrend. Its a pause that can send price higher
PUT/CALL
Put call ratio represents a sentiment; if a lot of puts are being bought then investors are affradi of falling prices, so they want to hedge their portfolio. But if puts are moving into extremes, like over-corded reaction, then be aware of the opposite, because market moves in cylces.
Become a premium member
Get daily Elliott Wave updates for some major Digital currencies, FIAT currency markets, major stock indexes, gold, silver, crude etc. or apply for unlimited access to the Elliot Wave educational videos.
Bitcoin Is Trading At Support Area. Check our blog HERE.