SPX500 next moves - important zone to watch today
Nearing a very interesting point that will decide the next few weeks.
A drop from the clusterfuck zone would trigger a fibonacci retracement to lows, potentially even completing a large C wave to 2800s. It seems a lot of people see this, even want it so I would cautious betting too much on this obvious potential move. Indicators support this however as RSI is pointing down, MACD is tired and printing declines, but still too much of an obvious drop, perhaps a move up to trap longs before going down.
A move up from the clusterfuck zone would mean it has tested several trendlines as support and attempt to move further higher invalidating the very visible H&S pattern. It would move slowly perhaps in a wedge before fake breakdown and then sharp move up to test previous highs. This last sentence is directly from the crystal ball but in general, the moves as always, no surprise, are either up or down.
A drop from the clusterfuck zone would trigger a fibonacci retracement to lows, potentially even completing a large C wave to 2800s. It seems a lot of people see this, even want it so I would cautious betting too much on this obvious potential move. Indicators support this however as RSI is pointing down, MACD is tired and printing declines, but still too much of an obvious drop, perhaps a move up to trap longs before going down.
A move up from the clusterfuck zone would mean it has tested several trendlines as support and attempt to move further higher invalidating the very visible H&S pattern. It would move slowly perhaps in a wedge before fake breakdown and then sharp move up to test previous highs. This last sentence is directly from the crystal ball but in general, the moves as always, no surprise, are either up or down.
Trade active:
Reached .382 fib level after a bit upwards move to trap people thinking it is not going down and then rebounded afterhours only to drop to the same level. It seems it completed a short abc and a bigger wave correctional A. It is respecting the black trendline but I am not very sure of its usability.
If the current level doesn't hold, we could go further down directly due to bearish momentum. There is also a chance for sideways trading couple of days before next move.
If the current level doesn't hold, we could go further down directly due to bearish momentum. There is also a chance for sideways trading couple of days before next move.
Trade active:
Plays:
Limit sell order below the red support zone and .382 fib with a SL above it for a risky short.
Limit sell order at the blue resistance with a SL above it for a value short. SL could vary dpeending on risk tolerance.
We are making LH and LL so maybe a breather and move up before session start to only dump during normal trading hours. If we break the current level it will also set a LL compared to left shoulder on the pattern.
Not much news to expect today but CN unemployment may trigger a squeeze up if good data.
Limit sell order below the red support zone and .382 fib with a SL above it for a risky short.
Limit sell order at the blue resistance with a SL above it for a value short. SL could vary dpeending on risk tolerance.
We are making LH and LL so maybe a breather and move up before session start to only dump during normal trading hours. If we break the current level it will also set a LL compared to left shoulder on the pattern.
Not much news to expect today but CN unemployment may trigger a squeeze up if good data.
