Stocks Analysis by Dr. Arnout ter Schure covering: S&P 500. Read Dr. Arnout ter Schure 's latest article on Investing.com
“…. However, if, like last, the index breaks higher because the bears fail to break below critical levels and reach the next target zone of ~$5260, support will be moved up to $5150.”“… a breakout above last week’s high can ideally target $5390, contingent on holding above the colored warning levels, but ultimately, we still need to see a break below $5056 with a severe warning below $5100 to confirm a significant top has been struck.
Fast-forward, the index could not break above the March 28, $5264.85 peak; instead, it broke below the warning levels this week. Thus, our call for a top in the ~$5260 target zone and that we would only see higher prices contingent on holding above critical downside levels was correct. As such, we are now tracking a potential five-wave move, i.e.
Thus, we cannot yet discern between the two bigger-picture options at this stage, but if we see an impulse develop to the downside, as shown in Figure 1, the odds will favor the most bearish scenario.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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