TradingShot

S&P aiming for 4070 - 4200 by March

Long
TVC:SPX   S&P 500 Index
Purely RSI and Fibonacci extension based analysis. As you see since the March bottom every Higher High is on a higher Fib extension (0.382, 0.618). Similarly, the Higher Lows have so far followed a 0.382, 0.5, 0.618 Fibonacci retracement sequence.

The RSI is currently trading sideways since mid November. In the previous two Fib cycles, this RSI consolidation came before the new Higher High. Assuming this sequence is extended, then S&P should soon make its new Higher High within the -0.786 - 1.000 Fibonacci zone, which is within 4070 - 4200.


Most recent S&P signal:



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Comments

Thank you for your analysis, very nice as always. Do you expect a consolidation on the short term or do you think we'll go straight to the target?
+1 Reply
TradingShot Brainmold
@Brainmold, You're welcome. Most likely keep rising towards the target without consolidation.
Reply
Very insightful, tyvvm; I have reposted your idea on mine and others, here is one I pubbed recently, same observation of RSI:



Shorting is very risky... buying at these prices even more so... patience and caution be our watchwords!
Reply
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