Nice monthly close there on the SP500-Bullish

1 Jun 2022

Nice monthly close there on the SP500, after touching the 38.2% fib.

#Drop is in three-wave (smaller time frame) which can be a corrective pause within an uptrend. I will always try to label the move from the low in downtrend, or from the high in an uptrend, as a corrective pattern if possible, since I know that statistically, odds are then in my favor.

#Normally the fourth wave will retrace the 38.2%. I give it more respect when the price actually reverses from it.

#I like to make a combination of analyses; this candle goes nicely with EW supports.

#Stocks were bearish for the last few months on hawkish FED, but some speculators are already looking towards new change in policy cylce, after hikes are done, possibly later this year.

Take care.