Stock index S&P 500 continue to move as part of the correction and the beginning of the development of the ”Wolfe Wave” model. Moving averages indicate the presence of a short-term bearish trend. Prices have gone down from the area between the signal lines, which indicates pressure from sellers of the asset and a potential continuation of the fall of the stock index on the market already from current levels. At the time of the publication of the forecast, the index is trading at 4300. At the moment, we should expect an attempt to develop a fall and a test of the support level near the 4225 area. Where should we expect a rebound upwards and the S&P 500 quotes continue to rise to the area above the level of 4525.
S&P 500 Forecast and Analysis February 24, 2022
An additional signal in favor of the growth of stock index quotes will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish ”Wolfe Wave” pattern. Cancellation of the growth option for the index quotes will be a fall and a breakdown of the 4135 area. This will indicate a breakdown of the support level and a continued fall in the S&P 500 index quotes with a target below the level of 3905. Expect an acceleration in the growth of the stock index quotes with a breakdown of the resistance area and closing quotes above the 4395 area.
S&P 500 Forecast and Analysis February 24, 2022 suggests an attempt to test the support level near the area of 4225. Then, continued growth to the area above the level of 4525. In favor of the rise in S&P 500 quotes, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the growth option will be a fall in the value of the index and a breakdown of the area of 4135. This will indicate a continuation of the decline with the aim of falling near the area of 3905.
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