EUR/USD 1.02138
-0.296%
Gold 2685.86
-0.178%
Oil 76.960
1.425%
USD/JPY 157.539
-0.173%
GBP/USD 1.21384
-0.573%
GBP/JPY 191.231
-0.743%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On January 13, Lyon pointed out that the impact of the "Biosafety Law" on WuXi Biologics (02269.HK) will change from unpredictable last year to controllable this year. The banks view on WuXi Biologics has become more positive this year, based on a slight improvement in biotech financing last year, increased certainty of antibody-drug conjugates (ADCs), and potential acceleration of Irish equipment. The bank raised its revenue and net profit forecasts for the company from 2024 to 2026 by 4% to 10% and 8% to 13%, respectively, and raised its target price for the stock from HK$22.6 to HK$22.9, reiterating its "outperform" rating.On January 13, the Yemeni Houthi armed forces said on January 11 that since the USS Truman entered the Red Sea, the Houthi armed forces have launched five attacks on it, "forcing it to the northernmost part of the Red Sea." On January 12, local time, the U.S. Central Command posted a photo on social media and said that the commander of the Central Command, Kurila, inspected the "Truman" aircraft carrier. However, it did not give the specific time when the photo was taken, nor the area where the aircraft carrier was when it was taken. The post stated that since the "Truman" entered the Central Commands area of responsibility on December 14, 2024, it has carried out a number of tasks, including multiple strikes against the Yemeni Houthi armed forces. The post did not mention the Houthi armed forces attacks on it.On January 13, Bocom International issued a report, lowering the target price of Anta Sports (02020.HK) to HK$104.28. The company is optimistic about the long-term, but considering the uncertainty of the consumer environment, the financial forecast is slightly lowered. The investment rating of "buy" is maintained.Hong Kong stocks rebounded, with the Hang Seng Tech Index narrowing its losses to less than 1%; the Hang Seng Index fell 1.22%.According to Barrons: After returning to a five-day office work system, some JPMorgan Chase (JPM.N) employees are considering forming a union.

Multi-Day Bounce Expected for The S&P500

Cory Russell

Apr 21, 2022 10:17


微信截图_20220421101455.png


A daily candlestick chart of the SPX with a thorough EWP count and a number of technical indicators.


The manner in which the adjustment should take place.


The two-week decrease from the late-March high (red, intermediate wave-b) should have required a multi-day correction, but the recent rebound off the 4370 low has only lasted one day, although the decline was two weeks.


B-waves, in fact, are made up of three smaller waves: a, b, and c. Despite the fact that the index has already reached the bottom end of the ideal (green) minor-b/2 wave's goal zone (see Figure 1), wave-a of b/2 is most likely still incomplete. 


As a result, depending on where the more tiny wave-b bottoms and how far wave-c extends, I estimate a retreat to 4410-4430 for (grey) minute wave-b before wave-c of b/2 takes hold and rallies the index back to about 4500-4535 (upper grey target zone) (1.0x a or 1.618x a).

In conclusion

The S&P500 index bottomed exactly where I said it would, at 4375 vs. 4370, and then produced the expected rebound. This gain should be part of a multi-day bounce, with a short-term retreat to 4410-4430 preferably started before the Bulls can rally the market to 4500-4535, which corresponds nicely with my original prediction of a high of about SPX4500+/-25 last week.


I still foresee a drop to SPX4150+/-25 (green c/3) and below (red arrows). It will need a break above SPX4435 to indicate that something else is happening (green arrow). As a result, "all we can do is predict, monitor, and modify," as I usually say.

Suggestion