What I see is that the S&P has confirmed a new down channel (red) with Thursday's (2/2) peak after it broke out of the orange down channel made from the tops in March and August 2022. This new red channel is created with the two lows from June and October 2022 and the price action from May 21. If this holds, then bear market is still intact and price will fall. I would expect a test of the December lows and if not the October lows.
I have had 4230 in my cross hairs for a couple weeks. Thanks for sharing.
doctradez
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btw - my regression lines have played out perfectly, on the way up and so far on the way down... close to tapping through but not quite yet, not to say it wont happen.. but so far so good
doctradez
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We move back up and range today
Dr_Roboto
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@doctradez, Good call. What lead you to believe that?
Note, there was a notable gap up (can't see on SPX500, but on SPX or SPY you can see it) during the 2021 meltup that looks like it is acting like support/resistance. This morning it touched that region and pulled up.
doctradez
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@Dr_Roboto, ty :) ... honestly i see something.. and ill look left, and focus into time frames.. i just had astrong feeling based on my charts and indicators that was to happen (most likely case anyways) =]
Elefant-Schnitzel
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You have 500 lines on that chart yet it only takes two to draw the OBVIOUS descending broadening wedge the index formed over a YEAR. Back to the drawing board...
Dr_Roboto
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@Elefant-Schnitzel, Not sure why you are trolling TradingView. There are plenty of other site where you can do that. You are more than welcome to share your chart ideas in your comments if you have something that you think is better.
Elefant-Schnitzel
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@Dr_Roboto, what is "Trolling"? Is that where you critique others ideas in the comments? everyone is trolling unless they agree? I'm geuninely curious as you posted a pretty intense display of lines there, why you didnt find the desc broad wedge. Do you see it or no? thats "trolling"?
You can disagree with my idea. Most people just move along if the disagree, but for some reason you felt the need to leave a snarky response with no meaningful rebuttal. But hey, you do you.
I took a look at your ideas, and they are interesting. They seem super awesome! Keep up the good work, and I hope you make lots of money and stuff. You will have to excuse me from any more replies, I need to go buy me some bitcoin so I can cash in when it hits 42k.