This is a continuation of my previous post which discussed the correction that is likely to happen soon, now we have it.
I'm still sticking to my original thoughts that this price action will move towards the average of this channel and in this case we have:
a) support at the previous resistance;
b) confluence with the daily 21/34 ;
c) channel bottom or which shows we have 2, depicting a deviation of 1 and 2 of the channel. Price was over extended represented from the deviation of 1;
d) fib. level at a number of levels;
e) indicators still show downward pressure on the 8 hr and daily;
My interest with the SP500 and Gold is from a crypto perspective, as they have direct correlation, with crypto being more volatile, better opportunities in terms of % gains.
A few days ago, I saw it coming with that candle on the 4 hrly followed by more;
Today's chart on the 4 hrly;
The U.S. Dollar Index rallied 1 hour before the stock market opened, causing stocks to slip more. Global Markets in fear.
Unless they devalue the dollar, is the temporary or long term.