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    Home»Technical analysis»S&P500 – What if the bottom is in?
    Technical analysis

    S&P500 – What if the bottom is in?

    By TolbertiOctober 14, 2022No Comments
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    SPX on the daily chart
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    • I am not saying the bottom is in, but what if the bottom is in? In this analysis, I will tell you why it is possible!
    • Everyone is extremely bearish on the stock market. There is a record of purchasing PUT options from retail investors and usually the majority is wrong. But in this case, the majority could be right. We don’t know.
    • As you can see, we have a huge parallel channel on the daily chart , and I would love to see a breakout above the channel.
    • But from the Elliott Wave perspective, an ABC correction ( ZigZag ) can be considered as completed with an extended A wave. If you are an Elliott Wave trader, you see a nice impulse wave as a C wave.
    • If we take a look at the RSI indicator, we can see a bullish divergence on the daily timeframe . This gives us hope for at least a bullish bounce to the upside.
    • The 200 moving average is powerful on the weekly and daily chart . This MA is considered a strong support/resistance by huge institutions and hedge funds together with the 0.618 FIB retracement.
    • Interest rates are rising, which is, of course, very bad for the stock market. I know this and that’s why I am not buying stocks, because I am a trader, not an investor, even though I have bitcoins for the long term.
    • So, has the stock market reached its bottom? I would say maybe a 30% probability.
    • https://www.tradingview.com/chart/SPX/gY22ezyg-S-P500-What-if-the-bottom-is-in/
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