How Bullish is the SPX, Can it see 3189 area?
This is Elliott Wave analysis video on SPX and DJUSRE (Dow Jones Real Estate Index) in which we are going to take a look if SPX can reach the 3189 area to the upside before ending the all time cycle. In order to answer it, we will look for a clue in the market by analyzing DJUSRE. The DJUSRE (Dow Jones Real Estate Index) is following similar cycles with the world indices, but correlating DJUSRE with SPX and other world indices, DJUSRE is lagging and hasn’t broken the 2007 peak yet. If the Real Estate Index manages to break above 2007 peak, it will show incomplete bullish sequence and can eventually see 454- 541 area to the upside. That area in DJUSRE then can allow SPX to see the 3189 area next before ending the cycle from 2009 lows and index should correct the all time cycle.
DJUSRE Long Term Elliott Wave View
SPX Long Term Elliott Wave Chart
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