Hello traders, as we all know SPX broke out of the ascending wedge that was previously thought to bring upon a big correction that I also was certain was going to happen. However, on the chart I have plotted a projected ascending channel and support/resistance lines. Now I am always someone who goes LONG on SPX but I don't think its unreasonable for the price to test anyone of the plotted support/resistance lines charted. Who knows we may even stay within this channel for some time yet before another 'correction' will occur. keeping in mind there is no way that I think the FED will allow something catastrophic as levels around the coronavirus early 2020 but once the cash flow stops then I can see something juicy setting up. keep say and trade safe.
agreed, they will prevent at all costs...but it will be interesting to see what happens at the FED meeting tomorrow...we definitely have some up to go, perhaps even more vertical, but the time is certainly near for some retraction...more likely scenario is a much slower controlled pullback that screws the small guy for 10+ years, and before that, more money printing perhaps
Trendtarda
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Yeah that’s a very plausible scenario mate. Pick your battles and entries I guess!