From the desk of Glenn Neely:
As Predicted, the U.S. Stock Market Continues to Rally
Last November, I warned the U.S. stock market was bottoming (see chart below), most thought I was crazy - many still do!
Despite a constant stream of "scary" economic, financial and geopolitical news, NEoWave continues to suggest the S&P 500 is close to starting a new bull market.
The accuracy of my NEoWave Forecasting services (the last year) has been the result of many markets approaching the end of large patterns - that is when forecasting with Wave theory is the easiest, most accurate and potentially the most profitable.
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Released Sunday, November 6, 2022
Released by Glenn Neely on Sunday, November 6, 2022.
NEoWave FORECASTING on S&P 500
(from black arrow)
The firest green box measures the price of wave-a and the combined times of a & b. The seond green box is 61.8% of wave-a's price and half the total time of waves-a & b. IF a contracting Triangle is forming, wave-c will end soon above the low made in October.
NEoWave Analysis - WEEKLY Structure
As long as October's low is not broken, this contracting Triangle will remain our best choice. If correct, this bear market (unfolding all year) will end by or before late January. Afterward, a strong rally to all-time new highs will occur into mid or late 2023. On the other hand, if this October's low in broken, a final "scary, news driven" price collapse will take place into early 2023, which will then be followed a major advance.
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