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  • Writer's picturePeet Serfontein

Analyst thoughts: S&P500 Medium-term

THE VIEW IS RETAINED FOR A 4 345/4 520 TRIANGLE PRICE ACTION OF THE LARGER BULL TREND.

  • The overall view of a bull trend to TA1 remains valid.

  • The P*/Z triangle pattern seems to be materialising and is the preferred interim view.

  • The current downside to Z would be phase c of the formation which should be followed by further converging price action (d and e).

  • The P*/Q* flag pattern is a feasible alternative.

  • The current phase remains part of the larger 1, 2, 3, 4, 5 bull trend to the highlighted TA1 target area.

  • Q* is pivotal for the larger bullish outcome. A break below this level will neutralise the longer-term upside potential. Breaking above P* will activate the illustrated gains.

  • Conviction: Medium to high

  • Note: The exact Z level has not yet been confirmed by price action and is currently an approximation


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