This super extended momentum from 2009 low has the potential to reach 5,000 levels.
From 1990 to 2009, there were two major corrections ranging from 50 to 60 percent from its high. And from 2009 to 2020 and up to the present, there have been about 10 to 35 percent correction to form this impulsive wave. Assuming the SPX500 will reach 5,000 levels or 650 percent for its new high from the 2009 low, also expect a 40 to 50 percent correction from its high ranging 3,000 to 2,500 levels.
This kind of my view is based only on price action, price movement and market cycle theories, and what I see based on the history of the chart, it has no other basis or reason for this view to happen or not to happen.
From 1990 to 2009, there were two major corrections ranging from 50 to 60 percent from its high. And from 2009 to 2020 and up to the present, there have been about 10 to 35 percent correction to form this impulsive wave. Assuming the SPX500 will reach 5,000 levels or 650 percent for its new high from the 2009 low, also expect a 40 to 50 percent correction from its high ranging 3,000 to 2,500 levels.
This kind of my view is based only on price action, price movement and market cycle theories, and what I see based on the history of the chart, it has no other basis or reason for this view to happen or not to happen.