SPX - Question for you. — S&P 500 index of US listed shares (FX:SPX500) / 2015-04-24 — YaKa

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S&P 500 index of US listed shares (FX:SPX500)

FX:SPX500 S&P 500 index of US listed shares

Weekly candles.

Expecting the wedge to carry on for ever is a mistake.

One week it is going to switch and it may be swift when it does.

There may be a last rebound from 2040 again but overall the same question would be have to be asked again 6 weeks later around 2140.

The question is on the chart.

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about SPX500

I don't disagree with your thoughts on the wedge, however here is another perspective to consider.
This suggests that the lift could technically go on indefinitely.
The range of the large red channel lifting from 2011 is approx. 240 pts., allowing for large moves and until we see the lower red channel support broken, the market technically remains within the positive trend.

answer, what i have found in chart... no idea if it will behave like this, just scenario, as always, could happen or be discarded

Checking other possibilities.

To answer your question as a trader, it doesnt matter to me whether the price rises or falls. All that matters is a consistent trading methodology and iron like money management. For what its worth I mostly use a 4hr chart and a 9 period Keltner Channel. When the average price closes above the 9 period middle channel I am long. When it closes below I am short. I use 3 day charts to plan the endpoints and fibonacci levels.

pezq

smart & wise

pezq

Thanks for the great input!

This is what a 3 day chart looks like

The question is - does this look like a correction or consolidation into an upside move?

pezq

That is the question on everyone's mind. What is your take?

reluctantplumber

April economic data will decide is my opinion. Time is running out for these bad numbers. Not so sure though it would get us down into correction territory.

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