There is a potential H&S on longer time frame I mentioned before, noted on this chart as well
Must hold support for the next week is at 3898-3920SPX. Has to hold on any test, otherwise the price will revisit the Oct 13th gap very quickly
My ideal pathway is bottom on the 1st (I still see month of Nov close red at least compare to the previous month) and bounce into the 6th-7th high.
If cycles gets inverted, then we should see the low tomorrow and high on the 1st, then it will be a first low on the 6-7th
The best scenario for the EOM trade is we see low prices tomorrow am and bounce into 29th high.
Then (after the 29th high) reversal down (strong) for the 1st of Dec low.
30th is showing up as a panic day on all indexes, so expect a strong move in direction of the 29th close.
- The price might get the gap closed on the 29th (ideal pathway) and continue in a strong move down.
Ideally its closes in direction down, it will be a good confirmation for the price going lower into the 1st low.
- Ideal target is 3744-55SPX or Oct 13th gap close
After the 1st low, it gets tricky. Its either makes a low on the 6th and up into the week of Dec 26th or, ideally a high and down into EOY.
Jan seems to be the monthly low of this entire move down from the ATH, perfect 1 year celebration.
Intraday low might not come till Mar or even May.
Here is zoomed in chart link
There is not much of a support below 3866 till 3744SPX, its the must hold Bear/Bull support for the next week.
If looking for the extensions, I have resistance at
- 4037
- 4045
- 4068-76 (main target)
- 4118-20 (Maj resistance)
Will be tweeting my other simple chart as can't attach it here.
Im swing short and will use the next high to exit all the remaining protective longs I have.
Have a great and profitable week everyone!
Must hold support for the next week is at 3898-3920SPX. Has to hold on any test, otherwise the price will revisit the Oct 13th gap very quickly
My ideal pathway is bottom on the 1st (I still see month of Nov close red at least compare to the previous month) and bounce into the 6th-7th high.
If cycles gets inverted, then we should see the low tomorrow and high on the 1st, then it will be a first low on the 6-7th
The best scenario for the EOM trade is we see low prices tomorrow am and bounce into 29th high.
Then (after the 29th high) reversal down (strong) for the 1st of Dec low.
30th is showing up as a panic day on all indexes, so expect a strong move in direction of the 29th close.
- The price might get the gap closed on the 29th (ideal pathway) and continue in a strong move down.
Ideally its closes in direction down, it will be a good confirmation for the price going lower into the 1st low.
- Ideal target is 3744-55SPX or Oct 13th gap close
After the 1st low, it gets tricky. Its either makes a low on the 6th and up into the week of Dec 26th or, ideally a high and down into EOY.
Jan seems to be the monthly low of this entire move down from the ATH, perfect 1 year celebration.
Intraday low might not come till Mar or even May.
Here is zoomed in chart link
There is not much of a support below 3866 till 3744SPX, its the must hold Bear/Bull support for the next week.
If looking for the extensions, I have resistance at
- 4037
- 4045
- 4068-76 (main target)
- 4118-20 (Maj resistance)
Will be tweeting my other simple chart as can't attach it here.
Im swing short and will use the next high to exit all the remaining protective longs I have.
Have a great and profitable week everyone!