Dr_Roboto

S&P 500 trend lines, support/resistance levels, and FOMO areas

AMEX:IVV   ISHARES TRUST CORE S&P 500 ETF
Notes some key trendlines , support/resistance , and FOMO areas. I also see one clear gap that has not been filled yet.

Comments

At the bottom right, is your MACD is giving a buy signle or not yet ?. Also, now we are back in the channel or your drawing, so what do you think next would be up swing or down.

thanks
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Dr_Roboto samitrading
@samitrading, IMO the MACD looks to be indicating a buy signal (see June 15), but as were are in a corrective wave the amount of upside is not clear (see June 26). I personally think this market has topped and we are now headed for a longer corrective wave. I would guess that we may make a run at the ATH for a double top, but this correction is not over yet IMO. I expect a correction to at least 3070.
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samitrading Dr_Roboto
@Dr_Roboto, Can you give me your thoughts on this count. i am not expert on Elliott wave, but your thought would be appreciated.

thx
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Dr_Roboto samitrading
Reply
Dr_Roboto samitrading
@samitrading, See my chart below. Most of my published ideas use waves, so check them out. The image may be a little hard to read (click on it to make it bigger). I found out that using SPX500USD is easier because it include pre/post market data, which is where most critical things happen (no gaps). Most the day trading ends up as noise.

I also like to use this website for reference.
https://elliottwave-forecast.com/elliott-wave-theory/

Counting waves is hard. I screw it up all the time. Not to mention, waves sequences can "morph" themselves depending on momentum (a clear Wave 3 can be come a wave 1 if the momentum is high). I found that using support and resistance trend lines makes wave counting easier. For uptrends, connecting the lows gives you a reference line to id corrective waves as they will break the line to the down side. Resistance trendlines are used for downtrends to id when the market shift to a new uptrend.
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samitrading Dr_Roboto
@Dr_Roboto, true Elliott counting has so many out comes and scenarios.
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Hope this idea works,
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samitrading maxtonrahman
@maxtonrahman, Amen to that.
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