FX:SPX500   S&P 500 Index
226 5 4
Breakout without any real rezistence, we closing 2 consecutive green candles allmost 150 points.Targetting 2036-2045 area.This move could be a real surprise for bears ,they will have to cover fuelling more the move to the upside.They had allready predicted their short level @ 1970, so, many of them are short again at that level.The bad news is that they predicted the level a few time ago, so the smart money gave them their wick on the top as they expected.Big wicks on Monthly candles 2 month in a row.This month going in green after last week movements.We are in bullish mode above monthly pivot @ 1926 and weekly @ 1904.
While I generally agree with symmetry in the markets there's one major difference between the past move and this move is that the past move saw a retracement to the 50% before double-bottoming. In this case, if you take the swing high (where you have Smart Money Buying) down to the low, the market did not retrace to the 50% before double-bottoming. That area is absolutely critical and the fact that it's pulled off it to me suggests that there's a higher likelihood that we go back down. Monday the 29th will be very telling. If we have hard selling going into end of month that's not going to look very pretty. We'll see.
It's not about the simetry , it's about market making.Consider the bigger picture, both W moves at the same level == new ATH.
BTW checked news media. Many claiming 1950-1970 is strong resistance for bears... :D
MM may just drop a bit and range before NFP to sucker in more retail bears?
IMO, I will only recount waves if weekly close above 2070 but so far so good. (ideally it goes around there before next BTD opportunity)
In agreement here ^^
I completely agree with you. Let's hope that we are right.
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