VasilyPonomarev
Short

SPY: Where to sell???

FX:SPX500   S&P 500 Index

hey traders,

3130 - 3160 is a decent resistance area .
I will be looking for a short trade from this area.

The price might retrace to a recently broken structure level 3030
and continue falling bit lower to 2980 before further bullish continuation.

!Trade only with confirmation!
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Agreed. It seems Trump is trying to make proper agreements with China in light of the worsening impeachment procedure so we should see more upside. Earnings season is at an end, so soon we should see more equities trading based on charting than just speculation alone.
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Still looking like larger investors are not willing to take profits just yet . Your 3140 could be the case . It will all collapse sooner or later . ADX its slowing down .... But negative ADX not showing pullback yet .
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@PTO, @VasilyPonomarev , okay humor me for a minute... SPY looks like its obviously in some sort of a diagonal and I've been maddened by it's location. Ending diagonals are normally found in wave 5 which could be the case in a larger trend of SPY however there's a lot of bullishness in the market in general and the waves have looked corrective in many ways. We also have gaps galore that need to be filled. First let's look at the idea of an ending diagonal as part of a zig zag abc.



Then go here and scroll to ending diagonals... look familiar? I have one more for you.
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VelvetHammersTrading VelvetHammersTrading
@VelvetHammersTrading, the link I posted didn't show up, its: elliottwave-forecast(dot)com/elliott-wave-theory/
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VelvetHammersTrading VelvetHammersTrading
@PTO, @VasilyPonomarev , then what if this is all part of a larger ABC running flat... that creates a wave 4 on SPY on a larger time frame. We pull back into 2700 -2800 (because the running flat will not take out the low of wave A, and then we begin a wave 5 on the SPY on a larger timeframe. I dunno... but the diagonal here is confusing. This theory would allow for a pullback we need (trade deal gets murky), then trade deal put in place and we rally out of C to even higher highs? Your guess is as good as mine but for sure the ABC up from December 26th in the first chart makes sense. It's just where its located relative the market.

+1 Reply
VasilyPonomarev VelvetHammersTrading
@VelvetHammersTrading, I see!!!
thank you for the detailed chart!
it is very interesting!
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I have bean shorting SPX for some time now any have shorts trapped but holding . This market at this point its so unpredictable . All the gap sitting bellow will have to be filled But they gaping up every opportunity they get . All at this point makes no sense anymore . Numbers you mentioned are all the gaps sitting on there . Looks like we are looking on blow top sooner or later . I just added another short this morning at 3093 . But with fed printing and low interest rates makes investors or rather large companies throwing more fiat in to the market instead of spending .
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@PTO, yes that is true
But evening printing money and pumping the entire system the market still occasionally corrects and retraces
I just propose a solid zone to catch a pullback
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Share your thoughts on SPY here!
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