Im very new. I just started trading recently, and only started learning technical patterns 2 weeks ago. Which is why i was surprised when i noticed something on the S&P500 that made me wonder whether i was doing something wrong, or has i just learnt the right patterns at the right time!
There are alot of Patterns colliding
1. On the Short Term We have a Head and Shoulder / forming for April of 150 Points Height, if complete will result in a drop to 2650
2. From Mar 09, at 3100 (After the pullback from the 3400 drop zone) we formed a Bat that is at point D with a at 2600 Zone!
3.From the Highs of 3400, we are forming another which traces the 2950 zone as leg B, the retrace of which also lands at 2600 Zone!
4. waves drawn from the base of decline indicate a C Wave Coming (Alternately on the larger frame it also shows 5 complete, going next to A, i cant be sure because im not the best with Waves)
Since i don't see enough Fundamentals to warrant a large drop here is my Guess:
Current TP: 2600 Zone
Next 2 Weeks:
News about the bad job numbers, China PEG Fears, China-US trade deal rumors, and the crash in oil price to around 15$ again will take the market down to 2600.
Next 3-4 Months after that: Positive Virus Cure development news, Agreement on China-US trade deal, Oil Bounce back, and Economy Reopened will bring back the markets to around 3150. (At this point the larger Chart Completes) or it goes to 3400 to start the W
After Elections : Covid Wave 2 + Economy not picking up + high unemployment still a concern + Debt and Bankruptcies + No more available brings the economy crashing down to a minimum of 1600-2200
As a new trader, im looking to learn and would love to hear your feedback.
Also i would love to know, if this instance that i speak of turns true what happens with the USD/JPY . It falls right?