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Max McKegg's S&P 500 Forecast

Max McKegg's S&P 500 Forecast

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S+P 500 (May 15th, 2,047)

Having rallied strongly from its February low of 1,810 the market is now probably
correcting this year’s advance. From an Elliott Wave perspective the S+P 500 displays a completed 5-Wave sequence from 1,810 – 2,111 and from a classical charting standpoint the market appears on the verge of completing a 6-Week Head and Shouldersreversal pattern (refer Daily Chart below).

The old adage of “selling in May and going away” may again hold true, with risk
favouring a sell-off back toward the mid 1,900’s over coming weeks.

In the “bigger picture” I am interpreting such a decline as a Wave II/ correction and
opining that this may form the Right Shoulders of a possible multi-month Inverse Head and Shoulders continuation formation (refer Weekly Chart below) to yield the
resumption of S+P 500’s Bull market toward the 2,400 level in the months ahead.

 

 

Disclaimer: Max McKegg & Technical Research Ltd accept no liability whatsoever for any loss or
damage that may result, directly or indirectly, from any forecast, comment or opinion, information
or omission, whether negligent or otherwise, within this report.



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