S&P 500 E-mini Futures 13th May 2021

 

S&P 500 Primary & Weekly Cycles

This is the first break of the Weekly lows since February 2020, and we know what happened after that.

We often see MAY highs in Markets and reversals down, which often can see Monthly low patterns in June before a reversal upwards - 2 month wave pattern down.

Therefore there's 2 scenarios

1. weekly low closes around 4018 & then swings up to retest the break next week @ 4150 (weekly closes on its lows and then reverses upwards next week.

After retesting the break (4150) it could continue down, or remain above the 50% level and Yearly highs 

2. keeps dropping (MAY selloff - June bottom) around 3,500 to 3,900
if that happens, it will affect all markets, including Bitcoin (39,000 - 42,000 bottom)