Stocks Market, major bottom in the making…

H4 time frame shows in both, Down Jones and S&P 500, a clear Head and Shoulders pattern actually retesting broken neckline. Unfolding of these patterns plus detailed Fibonacci analysis and Elliott Wave counting, give me a very possible support area, that will conform Right shoulder of a Daily Bullish Head and Shoulders Pattern in both indexes that, if unfolded, meaning with that bullish neckline break, retest and new higher prices, it will give us the certainty of a daily trend change to the upside. Having that said, what i FORECAST is: S&P: Drop down to an area within 853.40 to 777.44, then rise to 956.80 (Daily bullish H&S pattern`s Neckline level). Dow Jones: Drop down to an area within 7.779 to 7.389, then rise to 8.873 (Daily bullish H&S pattern`s Neckline level).

S&P charts

Dow Jones Charts

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