SPX appears to be printing a wyckoff accumulation around the log 1:1 extension and now close to breaking out from second supply trendline.
If/when it breaks above the trendline I expect it to move and considering that its been in this narrow price band within the trendlines for 3 weeks, there should be plenty of cause to move up to a higher retracement fib.
Also cause can be seen in RSI that has seen plenty of divergence in lower time frames and now in daily there is some bullish divergence.
Weekly chart looks like it will print a bullish candle for first time since March top. RSI has hit lower band.
0.618 from the top is very close to magic number 0.75 from the thrust candle and so my guess is SPX gets back to the narrow band of $4405 - 4424.
There should be some big bounces coming, especially for stocks that have had severe crashes and provides some swing trading opportunity. PYPL ROKU FB and NFLX should be among the big bouncers I think.
Not advice.
If/when it breaks above the trendline I expect it to move and considering that its been in this narrow price band within the trendlines for 3 weeks, there should be plenty of cause to move up to a higher retracement fib.
Also cause can be seen in RSI that has seen plenty of divergence in lower time frames and now in daily there is some bullish divergence.
Weekly chart looks like it will print a bullish candle for first time since March top. RSI has hit lower band.
0.618 from the top is very close to magic number 0.75 from the thrust candle and so my guess is SPX gets back to the narrow band of $4405 - 4424.
There should be some big bounces coming, especially for stocks that have had severe crashes and provides some swing trading opportunity. PYPL ROKU FB and NFLX should be among the big bouncers I think.
Not advice.
Comment:
If I dont post for NDX its pretty much the same thing.
Comment:
With wyckoff.
Comment:
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Comment:
Breaking out with impusle at the open here - so far exactly as described.
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