SP500 (Y20.P4.E1.v2).Still bullish with a correction playing out

Hi All,

Keeping it short:

With the assumption that we have made wave 1 on the macro level with this being the top, then we are having the ABC retracement.
We can assume that we can have a moderate correction or a deep one.

For now, the projection is the 0.382 retracement level which has confluence with the Weekly 21 EMA;
If it was to be deeper, then the 0.5 to 0.618 EMA level which has confluence with the weekly 50 or 100 EMA;

For now, we are in an uptrend and hence the 21 weekly EMA is more probable for ABC completion with a bounce at this level as its on a support line along with confluence on the fib. retracement for this impulse and the 50 daily EMA. Possibly testing the new high;

The question is if it was to bounce, how high will it go will determine the size of the ABC correction;

With this in mind, I'm also looking at BTC to follow suit;

Lets keep an eye on this to a) anticipate BTC levels and b) review and take lessons from the outcome.


Please give me a like or tick for this post.


Regards,
S.SAri.

Daily

Weekly

Note on the daily, no bearish divergence but its on the weekly

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as per the script

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How are we tracking, As I said, if we did wave 5 then this is the ABC correction, then we are on script.