Interesting S&P 500 development. See the blue circle, showing 3 waves down off the high.
In Elliott Wave 3 waves indicate correction, 5 waves indicate trend. Thus, if we break 4,200 the move becomes 5 waves. Indicating trend and strongly suggesting the red scenario.
My gut says 4,200 will hold, and a rip higher is imminent for the green scenario. Pairs well with a BTC blastoff. But the charts will tell us. Let's see.
I too believe it will hold, I also believe the fed will pivot hard and cut rates by at least 100points within 1 month of Q1 24 to attempt and stop the hemorrhaging of their holdings. Much like early 80s and 90s.
5k S&P q1 2024, price everyone out, Just like housing.
That's what I see brewing.
Zoomed in chart of the circle. If current PA breaks the proposed blue "3?" at 4,200, then red scenario practically confirms.
We hold, higher in green is the most logical path.
This small timeframe move depicts the next 1yr+ of SPX price action. Huge importance.
