I know, it's unbelievable, but SPX has the very strong long setup. I don't know how it is gonna happen becuase there are a lot of bad news.

Technically we have the broken head & shoulders pattern. It's not so beautiful pattern, but the main rule: head below both sholders is respected.

Morever we have seen the retest of the broken neckline, therefore the potential target is the head's height, which perfectly coinsides with the $4700.

Chart 1. SPX chart.

Best regards, Ivan

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Analyzing S&P500 price chart is so important to make the predictions in crypto. As you know Bitcoin has a high correlation with traditional markets and has it's own path only if the negative fundamentals happen on the one side.

Let's take a look at the S&P 500 price chart. I suppose now we can see the corrective wave B is in progress. It has the target at 0.61 Fibonacci retracement of the wave A. It means that it's almost over and next half of a year is gonna be extremely bearish. I don't know which events can influence on that, but I consider we will see $3200 for SPX this year.

I also have a good news that it's not the true bear market like it was in 2001 and 2008. If we take a look at the wave A structure it has multiple waves overlaps. It means it's not the wave 1 - impulsive one, but wave A - corrective. All bearish impulses start with the impulsive wave and it's not our case. I consider that 2024 is gonna be the start of the massive bull run on all markets.

Chart 1. ES! chart.

Best regards, Ivan

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