Take note that the daily and monthly time frames show similar ranges as this weekly time frame
For a while on the SP500 0.13% on the weekly time has been close to the upper range of the big range. Inside this range we can now also draw a smaller range thats is narrowing. The Stoch indicator is also making a nice bearish crosser after last weeks close. The ADX isnt that convincing yet so thats why I dont start selling straight away but rather sell the spikes. A spike above 2440-2445 is a beautiful entry for a short.
A target for our sell positions will be difficult, this weekly time frame is more long term and it shows targets that are all under 2400. So if youre able to sit it out for 3-4 weeks you can try and see if it goes that far down.
For more short term targets I have taken a peak at the daily time frame. The daily shows 2422 > 2404 > 2363 as short term targets.
A stoploss at 2458 or 2466 would be nice
Trade active
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entry 2445
Trade closed: stop reached
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Trade closed: target reached
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The Trade closed: stop reached was a missclick obviously
Hi josh, I really don't agree on almost any of your EW counts however I must say you do an amazing job of explaining your analysis and I would wanna give credit where credit is due.
JoshFX1
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@AkashGaur, Thanks. Ye EW always leaves a bit of room for personal interpretation. Personally I also find EW easier with Heikin Ashi candles. But they work better with commodities than with Forex