March 25, 2017: New comments S&P500
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Please look at all charts, monthly, weekly and daily before making your own conclusion. You can find HERE a description of the chart template used.
Last week I wrote: "As expected a further short term up reaction to the upper side of the BBS band. This is probably the end of this reaction and we may expect a further down move the coming week(s). The move down has a number of targets; the low side of the BBS band and at the same level previous price support, the PP pivot level of the month, and also the 38.2% Fibonacci retrace over the last wave up. At that point we can expect another correction before moving down to the next target, the 50% retrace and at the same level the low side of the volatility band and the 50-day average. Please read my comments on the weekly chart and monthly chart for more comments regarding the longer term view."
As I expected with my last week comment, a move down move, most probably ending a first downward zigzag corrrection pattern reaching the low side of the BBS band and support of the 38.2% Fibonacci retrace and the PP pivot level of the current month. Next week I expect a pullback to the upper side of the BBS band before the start of a second zigzag correction down. The next down target will be the 61.8% Fibonacci retrace around 2300. Please read my comments on the weekly chart and monthly chart for more comments regarding the longer term view.
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