TF: 4 Hr
Looks like we got an interesting set-up on SPX.
Taking the fixed volume ranges of the recent downwave (~$3590 to ~$3220) upwave ~$3220 to ~$3550) shows that most of the volume traded for both ranges is between $3558 and $3775. Taking a fibonacci retracement on the recent upwave shows that the two range POCs are within 0.50 to 0.618 retracement golden zone ($3379 to $3334).
Based on that, I think price will move down into these levels and I think we will get a good price move from there. Could get a little dicey with the upcoming US elections
Looks like we got an interesting set-up on SPX.
Taking the fixed volume ranges of the recent downwave (~$3590 to ~$3220) upwave ~$3220 to ~$3550) shows that most of the volume traded for both ranges is between $3558 and $3775. Taking a fibonacci retracement on the recent upwave shows that the two range POCs are within 0.50 to 0.618 retracement golden zone ($3379 to $3334).
Based on that, I think price will move down into these levels and I think we will get a good price move from there. Could get a little dicey with the upcoming US elections
Comment:
the two dotted lines are for the two POCs listed in the post. Nice reaction in that zone.