traderWgun

Never sell a bull market...or?

FX:SPX500   S&P 500 index of US listed shares
759 9 13
There is evidence that suggest that a correction maybe on the cards for the us indices .
The reasons why I believe that a correction could be under way:

*Shooting star on the weekly

*Evening star on the daily

*Wave 3 has reached the 238.2% extension of wave 1

*Wave (v) has reached the 1.618% extension of wave ( iii             )

*Bearish divergence on various time frames and indicators

*Fake break on 4H chart

*QQQ Powershares (which is highly correlated with SPX             )
has started to make lower highs and lower lows.

*Other correlated markets (JPY pairs) are also showing
signs for more weakness.

*5 waves up from 1073 and on several other time frames.

Look below for more charts that visualizes some of those reasons.

MY PERSONAL VIEW

I won't sell this market against the shooting star because this
is still a bull market. If you look below at the longer term chart,
you will see that there is still more upside to come.
We will probably see >SPX2000 some time later this year.

In other words, I will look to be dips on the daily and weekly.

You can follow all my demo trades at http://www.myfxbook.com/members/tlkemmy/demo/854232
Good luck.
traderWgun
2 years ago
Additional charts

snapshot

QQQ powershares

snapshot

SPX and QQQ

snapshot

Evening star on daily

snapshot

4H count.

snapshot

Long term count suggests that we are still in major wave 3
and should see another leg higher after a correction.

snapshot

fake break out
Reply
Great work
Reply
traderWgun Technician
2 years ago
Thank you for your encouragement :)
Reply
muratsoydan traderWgun
2 years ago
Agree with Technician
Reply
Agreed! Don't forget about other global markets, they are also correlated and they have bearish signals.
Reply
traderWgun vlad.adrian
2 years ago
Yes! Good spot ;)
Reply
traderWgun
2 years ago
snapshot
A bullish 4h count
Reply
traderWgun
2 years ago
snapshot

updated 1H count
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dmc
2 years ago
I agree with your analysis
Reply