Short

S&P500: Correction to 6950 not improbable based on this pattern.

S&P500 turned bullish again on its 1D technical outlook (RSI = 62.929, MACD = 51.490, ADX = 31.929) with 1W RSI almost overbought (68.394) and 1M already significantly overbought (74.222). The amazing Bull Cycle that the index has enjoyed since the 2022 Inflation Crisis, is very similar to the one the followed the 2008 Housing Crisis. Both crisis bottoms produced Channel up patterns that, made +120.40% rises. Based on their current symmetry, the market could make a medium term pull back towards the 0.5 Fibonacci of the recent low and the 1W MA100, as it appears that we could be on a similar spot as September 2012. The identical 1M RSI fractals further validate that. Consequently, according to all the above, we are currently bearish, TP = 6,950.

See how our prior idea has worked out:

S&P500: New 1H MA50 rejection eyes the 1D MA50.

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