On May 5, 2023 calculations indicated a decline to 3,887 by May 15, 2023 was expected based on an initial chart structure similar to what was developed between February 10, 2022 and February 16, 2022. Additional data from distribution time frames, daily Engrbytrade™ calculations, structural calculations and Fibonacci measurements indicate S&P500 algorithms are in the process of recreating a chart structure similar to what was developed during January 2022, as shown in the charts below. A sharp decline to 3,872 (+/-1%) is expected during options expiration week going into May 19, 2023 (+/- 1 trading day).
Stock charts courtesy of StockCharts.com.
