yosip1115

SPX 4h Candle wick and Line Analysis

Long
OANDA:SPX500USD   S&P 500 Index
Just posting my chart. Actually sniffed out the short op on 1/26 with some basic trendlines / triangle pattern charting. Went short that night before bed, got stopped out at 00:45 on 1/27 with a small profit, but woke up to a hell of a drop, sucks! Whatever.

Called out some short targets from other triangles/channels. All got hit.

We ended up wicking down to the (yellow) long term "covid" trendline which has presented huge buy ops in the past, but we needed a 4h candle close down in that range so I held out for a few 4h candles before going short again. As expected, we got the 4h close at our yellow trendline which cleared us for takeoff. I do think we see ATH from here. This is a great lesson on wicks and candle closes.

I really like to draw patterns using line chart only. Wicks are fun but are not to be trusted.
Comment: If the 372 low breaks we are in for ~3560 in a hurry and potentially even further from there. We are lined up for an impulse move down if this low breaks. Will be an interesting week and month close.
Comment: Daily trend held so looking for a bounce here. Breaking of the low is still in the cards with the GME madness.