S&P500 is not a bear market, just a correction!

Hi all!

You know me as a Bitcoin analyst, but the S&P500 has a strong influence on the crypto market. Today I showed that the bear market in traditional markets is coming to an end.

I use quotes because this is not a true bear market, just a correction. I’ll tell you why. What a bear market is is a 5 wave Elliott cycle to the downside, but if we try to count the waves, the potential wave 4 overlaps wave 1 – meaning it is not waves 1 and 4. So we should view this as an ABC correction. Here this alphabet is presented in the form of a zigzag. Wave A consists of a zigzag abc within it. The same is true for wave B. Now the price continues to draw wave C. The target for wave C could be the 0.618 Fibonacci extension ($3550). Also, the MACD indicator on the 1W time frame shows us a potential strong bullish divergence – this is a crazy reversal signal for the end of the bear market.

Crypto markets will follow SPX due to high correlation – we need to be very patient, the bottom is near!

Best regards, Ivan