My long-term followers know that I have a special love for the weekly forecast. It has been demonstrated in the past ten years to be nicely reliable.
The weekly model is a balanced mix of market prices and economic indicators and I suppose that this is the reason for its success.
The following chart has been brewed exactly four weeks ago, on Sept. 29th, 2023.
You may note a few things:
- r.Virgeel was projecting the S&P 500 in area 4130 with a possible extension down at 4070
- The rV.NextCycle indicator was pointing to four bars later for a possible reversal
- The dynamic was expected with a couple of bars of indecision followed by two bars of strait decline to the target area
Most clues are now pointing to a reversal next week. after a low that may have happened yesterday or will be cleared today. Strong support at 4100 has formed on the daily timeframe (see the rv.FastTrack indicator https://free.spxbot.com/fasttrack/).