SP500 (Y20.P3.E2).Macro.Entry level

Hi All,

The above weekly chart gives some key items to watch for. These are:

a) the weekly 50 ema;
b) the top trend line as part of a broadening wedge;
c) the horizontal support and resistance levels;

I'm using 2 indicators to also assist with early detection as to which of these it could be;
I have the phoeix and the stoch RSI on the weekly.
a) The phoeix RSI to cross over, and or the grey energy to go above 50% along with the green RSI
b) otherwise or in conjunction the stoch RSI to also cross over

The weekly indicators would likely be confirmation so we need to look at earlier time period, say 3 day chart, with similar expectations.

This will then give me confidence to go long with BTC as well.
I would also look at BTC dominance and USD dollar index for additional confirmation about going long.


May you have all the best trading ahead.

Cheers,
S.SAri

Retracement levels:

Trade active:

Needing another 1.4 days with the closing of the 3 day candle, which will tell us if it breaks this resistance and play out the moderate scenario 1 correction.

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Another way of looking at it

Trade active:

as per script. Question is which resistance will play out?

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So far the price is acting like a breakout from a wedge.

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inverse Head and Shoulders