SPX is already out of the driving wedge. The bull structure is still protected though. A trap to 2020 may occur - it would probably be a buy if occurs in the next 10days. A new top in November is still possible - Target 2222.
666 >> 2222 Correction of 15/20% and potentially more if the correction lasts a few years which is possible given global growth and rates only possible direction from here when it comes to large moves.
Comments
YaKa
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IvanLabrie
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You're right, it would be a lengthy move.
I think the leg up will just be painful and corrective in nature, consuming more time than price, so, your top and date projection makes absolute sense.
look4edge
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hi, yacine, i thought up before touching channel boarder at 2040/2020 too...
dax needs selling climax around 10300 as well
YaKa
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yes - all these scenario are possible...
Market will soon do something - that is what becomes increasingly probable..
False exits one side and the other are possible..
let's not forget the 2148 fibo target - still there and not crossed.
I think if and when DAX reaches 10300, everything is a buy for a bit.
I dont think scenarios above 2240 are realistic but i have been surprised before
look4edge
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hi, good call, almost 2030
but what scares me is ftse chart
another 100 pips or maybe 6k?
look4edge
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2028.9 channel touched
SimonJonsson
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I have this channel too. I went long at 2030 with tight stop :)
yalo
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what would be your game at this point? expect 2020 and 2222 to play or something in between? thanks
YaKa
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The easy trade that may not happen: buy 2026 to 2180...
Shorting here? why not stop 2120/2125 on close...
or you buy here a bit and much more at 2025 stop all 1980...
different risk profiles that are all valid dpending on your feeling game plan...
Market always there - Here do nothing and wait for 2025 or 2180... one will come - Guaranteed:)
IvanLabrie
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Agreed, I think we will go up to 2115-2125 and then down to 2025 before surging to 2180-2300.