InvestMate

InvestMate|S&P 500 Long to 1:1 level?πŸ“ˆ

Long
SP:SPX   S&P 500 Index
πŸ“ˆS&P 500 Long to 1:1 level?

πŸ“ˆAs I wrote in a previous post about the chance to see declines and then rises on the s&p500 , the declines didn't happen but we broke out to new highs

πŸ“ˆWhich created an ideal opportunity for us to continue the uptrend which could stop at the resistance zone marked on the chart.

πŸ“ˆI determined it based on a cluster of 3 measurements. The first measurement is the fibo level 0.5 of the entire downtrend. The second is the 1:1 level of the largest upward correction in the downtrend and the third is the 1:1 level of the largest upward wave in the current upward momentum. The zone has been repeatedly respected by the price in the past.

πŸ“ˆI also marked two support zones.

πŸ“ˆThe first is the 0.236 level of the entire upward wave.

πŸ“ˆThe second is the cluster of the 0.236 level of the entire downtrend and the 0.382 level of the entire upward impulse.

πŸ“ˆIt is also worth noting that we have broken through the 0.382 level of the entire downtrend.

πŸ“ˆThe scenario I am playing out is a continuation of the uptrend to the resistance zone , taking into account smaller corrections along the way.

πŸ“ˆ*Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario.

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