themarketzone
Long

Testing lows again - Two buy zones

FX:SPX500   S&P 500 index of US listed shares
$SPX             just reached 1900 again and completed a 61.8 Fib retracement when it touched 1890.
This minor support zone could be enough to push $SPX             back up towards 1920 to test the top of the resistance zone .

Just in case that $SPX             will decline lower to re-test 1870-1880 support zone , it will provide an even better reason to try and speculate on a bullish move as it will complete a bullish Bat pattern.

2 buy zones - 1890-1900 and 1870-1880.
Short term targets - 1910, 1920
Longer term targets (only if the price will close above confirmation level - 1920) - 1950, 1980, 2000

I've added a basic study for Fibonacci trading in this week's newsletters - Read more - http://goo.gl/yn3YQD
+1 Reply
Ridiculously good entry, well done.
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I know there no sure thing in trading, but I really think that we must hit 2040 before the next bearish wave.
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IvanLabrie PRO themarketzone
I go more by market/meta/volume profile levels, than fibonacci.
Agreed on brief upside before a bigger move down for sure. USDJPY was deceiving today, same as EURUSD, seems like Bund will fall, Dax will rally and EURUSD will take a bit of a selloff to 1.1+-.
Everything lines up.
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Nice man! Exactly the same idea here.. Private ugly chart and nevermind the spiral, just playing ;) Bat, 1.618 old target (TP2) zone from the butterfly that ended in 2020. Pretty solid zone, if this doesn't hold  

snapshot
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Sorry.. Didn't know it would post both charts.
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I was spot on.. Nice!
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