Bullish Reversal

[forex4you]

Bullish Reversal

Bullish Reversal

S&P 500 SP:SPX

markrivest

Just Prior to 02/024/22 the SPX broke important support. The break triggered a micro-crash, then a bottom was made at the .618 retrace of the bull move since January 2021.
The bottom made on 02/24/22 had significant bullish momentum divergences.
The choppy decline from the all-time hogh looks like a correction within an ongoing bull market.
In Elliott wave terms – probably a Double Zigzag correction, if so it impllies a move up to at least the high made on 01 /04/22 at 4818.

Today 02/28/22 the SPX retrace a little more than .236 of the powerful rally up from the 02/24/22 bottom. If the 02/28/22 bottom holds its the signature of a powerful rally underway.

Mark 

Source: Bullish Reversal