S&P500 has moved up from 1690 to 1790
levels in last one month. In my previous post on 6th
October I wrote, “I am Expecting sharp rally in US market (around 60%
probability) and trader should go long on US stocks with
stoploss of 1650 on S&P and target of 1820. CMP @ 1690”
S&P since then made a low of 1660 and had
moved to 1798 as of now. If we see the given chart we can see that S&P has
been trading within a channel and the upper end of the channel is around 1810 –
1840 levels. I firmly believe that S&P 500 will peak out at these levels
before the end of this year. From next year there should be a sharp correction
in S&P500 and it may fall to 1500 – 1550 levels.
I think the probability of this scenario playing
out is more than 70%.
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