JWagnerFXTrader
Short

Stocks Push Into Resistance Zone - Look for Opening Gap to Fill

FX:SPX500   S&P 500 index of US listed shares
1335 6 15
As we are about 90 minutes for the US Stock market bell ringing, overnight price movements suggest a gap higher on the opening.

Assessing the wave pattern and wave measurements, it appears this opening gap likely will get faded as we retest the lows from yesterday.

Prices could drift as high as 1970 and still be within the realm of a normal upward correction as it appears we are in wave iv. If correct, wave v would move lower retesting yesterday's low.

This view lines up with the EURUSD             as well as it approaches support and may likely retest its highs from yesterday.
Hello, great analysis here! I just wanted to ask if you believe that price in this 4rth wave could move a little higher before a sell off for that final 5th wave? I am almost the same with your analysis but i have spotted a bearish gartley ( i only use harmonics for entry points - my analysis is based in elliot waves).. Am i allowed to insert a chart in this post, so you can see? I already follow you! Have a nice day!
Reply
Though prices sold off hard to end the day, we could still be in a complex correction or triangle for wave 4. Depending on where you entered, the higher end of today's range for an entry is a good spot to hold prices if wave iv continues to subdivide.
Reply
I think the move down from your 2 is the actual start of wave 1 of a new paradigm.
Way different character than the price action before.
Reply
IvanLabrie PRO IvanLabrie
August 20th, 1:00 bar.
Reply
Good point - the intraday charts can get tricky when you include overnight sessions.
Reply
IvanLabrie PRO JWagnerFXTrader
Indeed, I'm going by the USDJPY chart and the Asian session action mostly. I think this move is a wave 1 and we're in 2 of a new bearish cycle already.
But not visible without using neowave. (unless you look at aapl and see a truncated fifth)
Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out