themarketzone

Reached target level - Where to next?

FX:SPX500   S&P 500 Index
2000 was the target level for my bullish setup on $SPX             .
Not that it has reached that level (very close to it) what are the options?

1. Bearish correction towards FOMC - Potential pullback towards 1970 and 1950.
2. Bullish breakout (maybe $AAPL             will push it forward today) - Continuation towards 2040-2060, which is my final target level for the pullback (previously major support - now resistance) and also the completion of bearish Gartley
This is one ugly chart. It changed my expectations, seems like it's going for the unpredictable range again, instead of strong downtrend.
Which is terrible news for forecasting it. :/
+1 Reply
If you look at the daily chart .. it just feels like it got to reach 2040 again before any longer term bearish move.. (if there'll be one).
But i do think we will see another pullback before that.
Reply
IvanLabrie PRO themarketzone
Yes, similarly in USDJPY.
I do like the prospect of this matching a China rally and thus benefiting AUDUSD longs.
Things start to click, talking macro view.
I also suspect oil might rally, and eurusd but not yet.
+1 Reply
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