Wave-Trader
Long

SPX500USD Stay Bullish on US Equities

OANDA:SPX500USD   S&P 500 Index
Hi there Greetings from Wave Trader and very very HAPPY NEW YEAR and have nice and and profitable 2019.

We are having more than 20 percent drop on SPX500 which is creating very nice longer term buy setup. There is lot of fear in the market but the price action we have seen recently that is telling use that soon this fear will be over and we will see bullish trend resumption.

How you can trade on this chart.

1. There is a lower time frame correction which is trying to break up and trying to push up for bullish trend resumption Watch for that to get down for one more drop and retest of the bottom and then look for buy there at bottom. Or let the price push up and correct then go for long on next correction. I will update the lower time frame if you are not getting it in words.

Or

2. If not comfortable to buy on current correction then let the price test the bottom again and then look for buy.


Note: The lower the SPX500 goes the bigger the Opportunity will be for longer term holding.

Please support the setup with your likes, comments and by following on Trading View thanks

Thanks and again Happy New Year.
very nice analysis I have the same tg.
Reply
Logarithmic chart trendline is broken, and log chart is more relevant for long term analysis in my opinion.
My count is not the good one, I think you're right with the extended 3rd wave. But there is still a looot of potential for more correction ! Look at these divergences, with this volume falling to the abyss.
+1 Reply
@Maped, We can also see the RSI divergence on 6month chart
SPX ticker made by tradingview is the only one capable of showing real volumes. The ticker is not based on futures but real stocks exchange. Also, it shows SP500 since 1871
Reply
High probability the wave 5 will be diminished. Agree with @ReallyMe
Thanks for your view.