SPX500 finish the up trend 2nd attempt can't close above 2170
therefore it is good to enter a short trade now.
SL above 2170 Target: 2105
Comments
ReneK
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People, it's a five wave-structure, it makes al art impulse BEFORE it go down ! And thats why you don,t use support/resistance. " It can't close above 2170 ".. Why is that… give my one good reseon ??
Trendhopper
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To be fair TNT sunrise didn't have the benefit of knowing what was going to happen, as its clear in past 5 hours that its till bullish...and we can see this now...Im not touching it, it could go anywhere from here...
ReneK
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If you don't know what is going to happen, why put he a chart on tradingview ?
Trendhopper
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trading is based on probability, charts are just ideas, nobody knows for sure, although TNT is very good at predicting oil and gold, not so good on S & P, look at his results....I find predicting indices is impossbile, as we never know when authorities are printing money , only city/prrofessional traders have this info, looks like a 5 wave now as you say, but you can't guarantee a short after wave 5, indices can stay at high numbers for months, probably best to go with trend on indices if you can find a pullback opportunity.
ReneK
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Trading is based on seeing structure and patterns, if you see that, then you trading. It works at all Charts. Why is someone good in gold or oil ?? You are a good trader, when you apply you're strategy to any chart, not alone for gold or oil. Elliot-wave is the best strategy to trade with, not support/resistance . Yes thats true; after wave 5, he make a big correction and after that he go for 1 wave up. The chart shows what he gonna do.
Trendhopper
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Elliot wave only works when the waves are obvious and all traders can see them, Im not sure is an obvious 5 wave as you show, reason is wave 4 is sideways, not a correction, it could be a continuation of wave 3....
Trendhopper
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although I support your view price could go to 2200's because this would line up with monthly trendline upper channel
ReneK
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Yes it's possible, he makes a last impulse around 2200
FBO
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are you out ?
PowerOfCapital
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If sp500 closes above 2176, must be out. No reason keep shorts, my guess.
People, it's a five wave-structure, it makes al art impulse BEFORE it go down ! And thats why you don,t use support/resistance. " It can't close above 2170 ".. Why is that… give my one good reseon ??