Where will the S&P 500 discover a bottom?
The other day, the FED's projection for just 2 rate cuts in 2025 catalyzed the marketplaces to introduce the correction we were currently preparing for 5 weeks earlier. Specifically, utilizing the Elliott Wave (EW) for the SP500 (SPX), we discovered at that time
"if the index can remain at least above SPX5880, and particularly recently's low at SPX5696, we need to permit it to preferably target SPX6060, potentially as high as SPX6175 before the next correction of around 5-7% can begin."
We backed that up 2 weeks earlier as we concluded
[The SPX] can reach the common c=a extension at SPX6175ish, however the 0.764 x extension is around $6060. The normal grey W-c target zone is $6145+/ -10, however the market can likewise deviate from that. We still anticipate the red W-iii to reach SPX606...