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On December 7, the African Union (AU) and the Economic Community of West African States (ECOWAS) issued separate statements strongly condemning the attempted coup in Benin that day. The AU statement said that any form of military intervention in a political process is a serious violation of the AUs fundamental principles and values. AU Commission Chairperson Yusuf called on all those involved in the coup attempt to immediately cease all illegal actions and fully comply with the Benin Constitution. The ECOWAS statement said that the coup attempt violated the Benin Constitution, and ECOWAS commended the Benin government and its armed forces for their efforts to control the situation.French President Macron: Monetary policy should take into account employment and economic growth.On December 7th, Ukrainian President Volodymyr Zelenskyy posted on his official social media platform that Russia had launched over 1,600 drones, approximately 1,200 guided-missile bombs, and nearly 70 missiles of various types at Ukraine this week alone. Zelenskyy stated that on the 7th, the Russian military attacked Ukraine with over 240 drones and 5 ballistic missiles. Seven regions in Ukraine were damaged, with casualties reported in some areas. He indicated that Ukraine continues to cooperate with its partners to strengthen its defenses. Currently, Russia has not responded to this.The Russian Ministry of Defense stated that Russian forces launched a coordinated attack last night on Ukraines transportation infrastructure, fuel and energy facilities, and long-range drone bases.According to RIA Novosti: Russian troops have occupied Kucherivka in the Kharkiv region of Ukraine.

S&P500 Forecast: Is 4300 the Next Stop on the Market’s Upward Climb ?

Steven Zhao

Feb 14, 2023 17:01



We said in a blog article ten days ago that the S&P500's (SPX) anticipated decline was probably over.


This was done on the assumption that the market will rise to the $4300–4500 range, which has been our major anticipation for months. We have used the Elliott Wave Principle (EWP) in our study to influence our market prognosis, which we will go into more detail about in this post.


Yesterday, the S&P 500 touched the optimal third wave level: $4195 vs. 4199,... It should be on a modest fourth wave currently, hopefully reaching $4100+/-10, before a fifth wave aims for $4260+/-20. The index will then likely drop for many weeks before making a rebound to the optimal price of $4395+/-25. ”


Even though it fell short of our expectations, we were right since the index bottomed on Friday, February 10, at $4060, which is only 0.7% below the goal range we established ten days earlier.


The index is now in a rallying phase. In light of this, the green W-4 we predicted has probably reached its bottom, and the green W-5 to preferably $4260+/-10, maybe as high as $4295+/-10, should be under way. Look at Figure 1 below.

The $4300 is the main concern

According to the EWP, an impulse's third and fifth waves often reach the Fibonacci extensions of 161.8% and 200.00% of the length of the first wave, measured from the low of the second wave, respectively.


We concentrate on the green W-5 and the red W-iii in this instance. Red 161.80% extension is at $4295 and green 200% extension is at $4258. Therefore, we should anticipate W-5 of W-iii to target $4260-4295 as long as Friday, February 10, low at $4060 holds.

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