, have set record highs after record highs recently. We all know nothing goes up forever, but when do the Bears get their chance other than being allowed to play in the sandbox during a brief recess? We primarily use the Elliott Wave Principle to answer that question. Allow us to explain using Figure 1 below .Namely, the index did top out a day after we posted our update at $18097. Right in the target zone, we had set forth. It bottomed out on May 31 at $18189 and closed that day at $18536.
Price is above its rising Ichimoku cloud and above its rising daily Simple Moving Averages , which are Bullishly stacked: price>10>20>50>200d SMA: green horizontal arrows—a 100% Bullish chart. Thus, we must apply a Bullish EWP count until proven otherwise, and as long as the index can stay above $19,100, the third warning level, we can foresee it wrapping up the grey W-iii, followed by a grey W-iv, v; red W-iv and -v. See the grey-dotted arrows/path. The waves’ target zones are at this stage but subject to change: $20,100+/-50, $19,600+/-100, $21,000+/-500, $19,200+/-200, and $25,000, respectively.
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