📈As 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
📈Which created an ideal opportunity for us to continue the uptrend which could stop at the resistance zone marked on the chart.
📈I 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.
📈I also marked two support zones.
📈The first is the 0.236 level of the entire upward wave.
📈The second is the cluster of the 0.236 level of the entire downtrend and the 0.382 level of the entire upward impulse.
📈It is also worth noting that we have broken through the 0.382 level of the entire downtrend.
📈The scenario I am playing out is a continuation of the uptrend to the resistance zone, taking into account smaller corrections along the way.
📈*Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario.
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Good job, cool chart. I think once we break support and 200 day moving average shortly after the correction will start. This was all done on low-volume .Monday or Tuesday I see it playing out to the downside.
RLinda
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Good look at the market, I think the price will reach the target soon) Thanks)