YaKa
Short

SP500 - Key LT Diagonals in linear Charts

FX:SPX500   S&P 500 index of US listed shares
143 1 1
This is just for information and is worth noting.

In Apr14, the market was capped with no apparent reason: there was important diagonal capping.. This line importance is reinforced by the subsequent rebound in early Aug14.

SPX             is currently hugging an even greater importance diagonal which took important tops and bottoms around the 2000 peak and exactly matched the tops of 2007.

Important note: Those lines will be broken at some point as they dont climb fast enough.

Note however that breaking out above current level might not be trivial - Not at all, definitely not on fist attempt...

Second attempt now. Confirmation top or breakthrough.

I see violence in the price action. Not sure where it will be released but I think it is going go nowhere and be dissipated in high amplitude moves between 1850 and 2200 over the next few months.

On first leg, against the thursday marobozu strength which could be taken as a bull resurgence, i think it is going to recede and come back stronger in February.

I ll present my path predict in the next post.
YaKa PRO
2 years ago
Note: for whatever reason, i do not manage to find the same lines in daily. A bit puzzled as to which timeframe to trust... they should match exactly. Bizarre.
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