We are looking at the SPY ETF of the S&P 500 index, which has been in bullish mode since the 2009 low. Recent gains exceeded previous swing highs very sharply in recent weeks so we think the market is forming a new impulsive bullish run that could reach the 200 area on SPY, which equals 2000 on the S&P 500. The reason for this bullish outlook is the current sharp rally, which is showing the personality of an impulsive recovery, so we think that market is in the middle of wave three of three. The next factor for higher projections is time. Based on the latest swings from the year 2000, we suspect that the current bullish period will last till 2015, when prices could reach 2000 on the S&P 500 in combination with 161.8% Fibonacci extension of the blue wave (IV).
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S&P 500: Price Could Hit 2000
Published 05/22/2013, 10:29 AM
Updated 07/09/2023, 06:31 AM
S&P 500: Price Could Hit 2000
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