Based on Elliott Wave/NeoWave analysis, the S&P has just broken down from the critical support level and wave-B should be ending now, which means we could begin collapse back towards below the March 2020 lows around 2200. Starting in Feb 2020, we are likely in an expanding or neutral triangle, and wave-C should be bigger than wave-A. Wave-C could last anywhere from 2-4 months, maybe even faster, and could go as low as 2000-2100!
With Europe gearing up for stricter lockdowns and the S&P breaking critical support levels, it seems likely that we've begun the next wave down. This will likely drag other markets down as well including crypto, oil, gold, bonds, etc. One of the only things that was strong during the last lockdown was the Dollar. When people can't work they need to sell their assets to pay their bills which causes a short-term liquidity crisis and a strong demand for dollars. Until there's more bailouts, we're likely to see a violent crash that could be worse than February-March as many businesses and individuals are now in a much worse financial position than they were during the first lockdown.
Be prepared for chaos over the next few months, especially with the election coming up. As mentioned in previous posts, it seems likely that Trump will win the election, which could give a short-term boost to the market but not likely enough to save us from the lockdown crash. There will probably have to be very large bailouts and a reopening of the economy before we can fully recover from this, and we could see more riots, shortages, and general unrest. There will also probably be more stimulus checks handed out to people at some point. Most likely crypto and gold will recover much faster than other markets as people will be using them to hedge all the money printing and debt the government will be taking on to get us out of this mess that they created.
With Europe gearing up for stricter lockdowns and the S&P breaking critical support levels, it seems likely that we've begun the next wave down. This will likely drag other markets down as well including crypto, oil, gold, bonds, etc. One of the only things that was strong during the last lockdown was the Dollar. When people can't work they need to sell their assets to pay their bills which causes a short-term liquidity crisis and a strong demand for dollars. Until there's more bailouts, we're likely to see a violent crash that could be worse than February-March as many businesses and individuals are now in a much worse financial position than they were during the first lockdown.
Be prepared for chaos over the next few months, especially with the election coming up. As mentioned in previous posts, it seems likely that Trump will win the election, which could give a short-term boost to the market but not likely enough to save us from the lockdown crash. There will probably have to be very large bailouts and a reopening of the economy before we can fully recover from this, and we could see more riots, shortages, and general unrest. There will also probably be more stimulus checks handed out to people at some point. Most likely crypto and gold will recover much faster than other markets as people will be using them to hedge all the money printing and debt the government will be taking on to get us out of this mess that they created.
Looks like we are forming a symmetrical instead of a diametric, and that wave-i should finishing soon. Breaking down from 3323 will confirm that the bull market is finished.
If we keep going up from here then it's possible we formed an x-wave, but much more likely that this will start breaking down over the next month or two.