Cathie Wood warns market correction soon — Price action analysis on S&P 500 [Video]
|During the interview with Bloomberg on 18 Dec 2020, Cathie Wood, the CEO and CIO of the ARK Invest, warns about the market correction. Let’s analyze S&P 500 with volume spread analysis and Wyckoff method.
Let’s tackle from the price action analysis for S&P 500 to see if we can spot any tell-tale signs about the market correction. If indeed the correction comes, what sort of percentage and the possible target price can we expect for S&P 500? Watch the video below:
Timestamps
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1:20 Cathie Wood interview with Bloomberg.
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2:21 Price action analysis on S&P 500.
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5:40 Overbought from the up channel.
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7:30 Acceleration climatic up move.
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8:10 Two types of market correction.
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10:20 Market correction percentage.
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11:35 Target for potential market correction.
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12:30 Overbought line.
Watch my market analysis video in the last session if you haven’t in order to better relate to the market recap and the trade review.
Bias — neutral (Day trading); bullish (long term).
Key levels — Resistance: 3800; Support: 3720, 3670–3680.
Potential setup — Look for potential reversal at the key levels.
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