NEoWave Blog
11/9/2023 - NEoWave Staff


Glenn Neely author photo

Written by Glenn Neely
Author of Mastering Elliott Wave, Financial Forecaster & Trading Advisor
Founder of NEoWave Inc.


Phase 2 of BULL MARKET Started Last Week

A year ago, at the low of 2022, I released an S&P Update that predicted a New BULL MARKET was underway, which would eventually reach all-time new highs in the next year or so (see CHART 1 below in November 6, 2022 NEoWave S&P Forecasting).

The war in the Middle East slowed progress of this Bull Market. Even so, NEoWave structure tells me there was enough pessimism at October's low to lay the foundation for Phase 2 of this new BULL MARKET. If you look at CHART 2 below (in November 5, 2023 NEoWave S&P Forecasting), it shows the break of the channel across the 2020 and 2022 lows, which created a severe level of pessimism and fear (typical when a break of such magnitude occurs).

Wave-D started at last month's low and will push the S&P to all-time-new-highs in 2024. According to NEoWave, wave-D is part of a 5+ year Contracting Triangle that began with the "Covid Crash" and will end just beyond the middle of this decade.

To stay on top of progress of this major, new uptrend, make sure you are getting the NEoWave S&P FORECASTING service each week. If you are not already a subscriber, you don't want to miss all the excitement 2024 is going to bring.


Glenn Neely
NEoWave, Inc.

Released Sunday, November 6, 2022
NEoWave Forecasting chart on S&P 500 on Sunday, November 6, 2022
Released by Glenn Neely on Sunday, November 6, 2022.

NEoWave Logic:
Contracting Triangle (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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Released Sunday, November 5, 2023
NEoWave Forecasting chart on S&P 500 Monthly CASH Data on Sunday, November 5, 2023
Released by Glenn Neely on Sunday, November 5, 2023.

NEoWave Logic:
Contracting Triangle (from black arrow)
In Triangles, wave-d cannot break the a-c trendline. Because the orange trendline was broken last month, we must move wave-c from March to October's low. Last week's "hyper-violent" rally must be the start of wave-d.

NEoWave Analysis - WEEKLY Structure
Last week, I warned, if Diametrics are not an exception to NEoWave confirmation rules, a "...massive 'count reconstruction' will soon be required." That reconstruction begins today by moving the conclusion of wave-c from March's low to last week's low. The size and staggering speed of the recent 5-day rally virtually assures us wave-d began.
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