FX:SPX500 S&P 500 index of US listed shares
I have a question. Where are we going to move on? On April, 19th I saw the uptrend wave at the chart of thirty-minute time-frame and I thought expanding triangle 2 has been completed and we are watching trend 3. In fact, this movement was part of another wave. Of course I have two questions. What is the part? What kind of figure we are seeing at this place on the chart? Let's make an attempt to represent the motion of the period from 11 April till 20 April as the wave (5). It's possible. In this case, the wave (3) and (5) are related by Fibonacci 0.5. I like it, but I do not see a well-formed wave trend (5). Wave (5) must be consist of five parts. Unfortunately, even today, I do not see a trend structure in it (I mean in the wave). At the same time the market does not go away with a mark of 2080 points. Around this value, we are seeing the process of formation of a tapering triangle. I think so. Perhaps this triangle is part 2 of the last wave (5). If so, after the formation of a tapering triangle 2, we will see the development of trend 3. And the rally will be continued. We must also take into account. We are still moving in the channel. I like this version of events. But perhaps the converse statement, we have already see the first part of decline. We are high. The correction will be a long. I have time to open a short position. I continue to keep open the long position. I'll wait for Monday. On Monday, the market itself makes the choice. It is obvious .This is the best solution in this situation.