About S&P500(SPX)
The S&P 500 index is one of the most important stock market indices in the United States and the world, measuring the performance of 500 large and reputable American companies traded on the New York Stock Exchange (NYSE) or Nasdaq (NASDAQ). These companies are selected from various industries such as technology, finance, healthcare, consumer goods, and energy, covering approximately 80% of the total U.S. stock market capitalization.
S&P500 Forecast by NEoWave
Cash Data 2M (Images 1 and 2):
In this time frame, you can see that an upward movement started around 1950, and up to this point, it seems that a Diametric pattern is forming. We are in wave-(E) of the Diametric. In image number 2, you can see wave-(E) in more detail (Cash Data / 2M – base time frame / weekly). Based on price similarities, it appears that a Symmetrical is completing, and we are in the last wave of it, which is wave-(i).
Cash Data 1W (Image 3):
In this time frame, we also see a clear similarity in time, price, and structure in the waves. Therefore, we can say that an ideal Diametric is forming. Currently, we are in wave-f of this Diametric, which could complete around November 9 to 15, and the S&P index could move towards 7000-7300 point to complete the Diametric.
Conclusion:
From the charts in different time frames, the conclusion is that we are at the end of a multi-year upward trend, and after the completion of wave-(E), we expect a corrective wave (F).
Good luck
NEoWave Chart
Disclaimer
All wave counts, analyses, and forecasts presented on this website are produced by NEoWave Chart and operate independently of NEoWave, Inc and www.NEoWave.com.
Our content is strictly based on the NEoWave methodology developed by Glenn Neely, adhering to his innovative techniques and principles.
