INDEX:SPX   S&P 500 Index
320 10 2
Just an idea
OldGoat
2 years ago
Yes, the November Low appears to be the next resistance level. And I suspect that we will turn south again in March/April, (much like your projected shoulder) eventually getting down near the June lows.

Thanks for sharing your work. I use different methods and it is always useful to look from a different perspective.
Reply
KLang PRO OldGoat
2 years ago
I just drew the shoulder that way to make it look nice, I think the decline is coming much sooner - and expect we'll be at HS TARGET by March. I also think it will be more like October lows as that's the projection of the HS. But I'm sure the charts will reveal it's plan as it unfolds. Thanks for the commentary! :)
Reply
stagalog
2 years ago
There seem to be a number of bearish patterns in the works:
1. Bear flag from the last week or so of price action. This pattern would suggest days before a further breakdown to lower levels.
2. Head and shoulders that began from last November. But also a longer 3 peaks and domed house that began about mid-2013. These patterns would seem to suggest perhaps a few weeks to play out before a correction plays out.

But really, until the 100 EMA is broken down with gusto nothing has really changed and buy the dips/qe will continue levitating the markets. That 100 EMA had only been breached a total of 3 times the entirety of 2013 so it is a very strong support.
Reply
stagalog stagalog
2 years ago
Btw, I see that the Dow Industrials show the same patterns and 100 EMA support area. In this instance, the bear flag and 100EMA are already breaking down. So I guess we see if it is perhaps a precursor to the other indices or else simply an outlier.
Reply
stagalog stagalog
2 years ago
There is also a trend line connecting the peaks of May, July, and September that is currently where the last 5 days price action have been perched atop. So it looks like a 'confluence' of support at this 100 EMA area.
Reply
KLang PRO stagalog
2 years ago
Yes I know and it's very likely that we've established a neckline here and will rally next week, making the HS pattern more symmetrical.
Reply
stagalog KLang
2 years ago
I'm slightly leaning towards a rally next week though it seems all attempted rallies this past week were sold back down and DOW seems to already be leading to the downside.
Reply
KLang PRO stagalog
2 years ago
The DOW can lag, I don't think it's a biggie. I don't think the $SPX will see above the 50dma.
Reply
stagalog KLang
2 years ago
I also see the area of the 50dma (~1804) and LS (~1814) as bounce targets. Much above the LS and I'll have to reconsider again.
Reply
Mikke2130.
2 years ago
i HERE A LOT OF INVESTOR AND TRADERS SAY THIS IS A MINOR SELL-OFF AND I WANT TO TELL ALL OF YOU THERE WRONG. THE MAJOR SELL OFF HAS ALREADY BEGUN. THE S&P 500 HAS ALREADY FORMED A PERFECT MONTHLY WOLFE WAVE PATTERN WHICH IS IN STAGE 5 EXTREME, WHILE MOMENTUM HAS ALREADY TURN DOWNWARD. THE MARKET WILL NOT ADVANCE SIGNIFICANTLY ANY FURTHER. THE DECLINE WILL DROP TO THE 700 TO 600 AREA. SO ANY ONE HOLDING STOCKS OR INDEXES FOR THE LONG HAUL ARE GOING TO LOOSE GREATLY. CHECK OUT THE WOLFE WAVE PATTERN.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out