nmike

SPX long term Range Box Cloning analysis

Long
SP:SPX   S&P 500 Index
45
The long term quarterly chart continues to show positive candle stick price action.Since we don't have a previous high as reference for next target, I'm using a range box cloning technique for next target(s). Next target is about the 2055 area, I've also placed other arrows as possible moves going forward.Looking at the 2 back clones you'll see that many pivots coincide with clone boundaries, this gives reliability to forward (top) clones.
Cloning should be used with other tools for confirmation. Works well in conjunction with trend lines and Fib.levels.Also CLONE boundary targets don't have to be perfect, if you see a reversal candle pattern just above or below a CLONE boundary that's good enough.

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