SPX Close to topping and gearing up for recession
This is a weekly chart of the S&P 500, illustrating 2 previous recessions and a possible one coming soon.
In 2001, recession topped at the 3rd wave and retraced 50% to wave 4.
In 2009, recession topped at the 5th wave and retraced to the golden ratio at .618.
Now as we're approaching 2020, which happens to be another election year, we are approaching the end of the 5th wave of the bull run since 2009. I think we might top out at 3000, a round psychological level. I'm targeting another 50% to 61.8% retracement to 1841 or 1566 some time in 2020, similar to the previous 2 recessions. With the national debt raising, auto loans, student loans, and trade war, there are plenty of reasons to keep on edge.
In 2001, recession topped at the 3rd wave and retraced 50% to wave 4.
In 2009, recession topped at the 5th wave and retraced to the golden ratio at .618.
Now as we're approaching 2020, which happens to be another election year, we are approaching the end of the 5th wave of the bull run since 2009. I think we might top out at 3000, a round psychological level. I'm targeting another 50% to 61.8% retracement to 1841 or 1566 some time in 2020, similar to the previous 2 recessions. With the national debt raising, auto loans, student loans, and trade war, there are plenty of reasons to keep on edge.
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