The post Is the SP500 en route to new All-time Highs? appeared on BitcoinEthereumNews.com.

Happy New Year to new and regular readers of our work. We primarily use the Elliott Wave (EW) to forecast the financial markets—in this case, the SP500 (SPX)—most likely paths forward. Although there are many ways to navigate the markets and to each their own, we find the EWP to be the most reliable and accurate. Our returns, see Figure 1 below, speak for themselves. Figure 1. Our EWP-Based Trading Return in 2024 for the SP500 For example, about eight (!) weeks ago we found for the SPX that “we are looking at W-iii to reach at least SPX6060, W-iv should bottom around SPX5725, and W-v can reach at least SPX6260.” We backed that up four weeks ago as we concluded … we must allow it to ideally target SPX6060, possibly as high as SPX6175, before the next correction of around 5-7% can start.” On December 19, when the index was trading at around $5900, we showed that the correction “…should bottom out at around $5850+/-50 for a green W-a, bounce to $6000-6025 for a green W-b, and that a green W-c of the red W-iv should bottom out around $5735-5810 over the coming days before W-v can reach at least $6280.” How did our forecasts fare? The index peaked on December 6 at $6099. We forecasted $6060-6175. It then bottomed out on December 20 at $5982. We expected $5850+/-50. Rallied to $6049 by December 26. We showed $6000-6025. The index dropped to $5829 on January 2nd. We forecasted $5735-5810. Thus, with an accuracy of around ±2%, we reliably anticipated using the EWP where the index should top and bottom up to two months ahead. Of course, we could not know the exact path the market would take. Still, as more price data became available, we could specify the expected…

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Filed under: News - @ January 6, 2025 11:18 pm