SPY | 2023 Perspective

PSY

I have a unique viewpoint that may seem unconventional, but I believe there is a significant potential for a major market event. According to my analysis of Elliot waves, I see alignment in the current market conditions.

If the stock breaks above the $460 level, I anticipate it will reach an all-time high (ATH), with a minor 1% safety margin factored in. However, if it encounters resistance at that level, I expect a period of sideways price action throughout the year. Subsequently, there may be a sudden drop towards $350 and $250 over the next year or years, potentially coinciding with a bearish market sentiment.

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