On February 03rd, we offered two charts with differing channel interplays. The idea was to decipher which momental lines had the greatest impact on price, and whether price would submit to reversal levels defined herein, at either 1.05076, 1.51523, or 1.52050. The middle target was hit dead-on (i.e.: defined by the tip-most part of a reversal "pinbar" candle), and since that validation event, price rolled - For your review, here is the other chart we were consulting, which lost its predictive relevance and reliability: https://www.tradingview.com/e/veXMkrLi/ .
In the interim, the channel remained validated as candles continue to form at the pace of median lines (i.e.: discreet lines within the confines of each outer borders that define the dynamic range of price within a momental channel).
At this point, channel-based analysis remains in line with our predictive analysis, which calls for a market reversal confirmation. As this signal occurs, it prompts us to look for potential targets below.
A primary target comes up at 1.47492 (GREEN outline = high probability), while a deeper target at 1.45847 emerges as a "Probable" level of support (i.e.: "ORANGE" colored).
NOTE: I have recently refined the target qualification as High Probability, Probable, and Low Probability using the green, orange and red colors, respectively.
David Alcindor | 4xQuad
Predictive Analysis & Forecasting
Denver, Colorado, USA
PS: Here is a weekly SPX chart worth considering:
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