Global market crash incoming
- The recent market turmoil sent the S&P 500 to retest the bottom of the ascending wedge.
-The ascending wedge is a bearish pattern showing before every market crash.
-At the bottom of the chart marked the bearish divergences.
these divergences show us that though the price is growing the bulls are starting to lose their momentum.
-A 6 year old could have predicted almost every single market correction (they come basically every 7 years).
-The only market correction that did not follow this exact pattern was the great depression of the 1930s
To make it simpler, we are getting close to the next market crash. If in the next 630 days, (without any shananigans like quantitative easing) the global crash doesn't commence, I'm eating my shorts.
To make it worse, the divergence is much, much stronger. That will suppose a sharper drop then the ones seen in 2000 and 2008.
-Last and current cycles.
-According to elliot wave theory (has predicted every turn of the market with high success) the 5th wave of the cycle should end at around 3260-3600$, this taking into account an extension of the 5th wave. If we take into account that the 3rd wave extended, the 5th wave should stop at 2900$. The sellout started at 2938$... good luck