S&P500 SHORT TERM EXPECTATIONS (4H) for OANDA:SPX500USD by weeno310

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trendanalysis spx spx500 vix dxy xauusd downtrend

This corrective structure that we have been in since the end of March is one of the messiest I've seen.. I'm still Bearish .. I believe we are completing an Ending Diagonal pattern (for downside) which may take until the end of this month to play out.. Possibly even tag the ATH before going down.. I would start loading up on Sells around there.. This seems to line up with the fact that the VIX and DXY are bottoming out on their charts.. I also see divergence in the MACD and also RSI heading towards over bought zone so this gives me more confidence in the downside.. if it breaches the ATH I have to reassess..

Comments

No way we’re hitting ATH now. The panic seed has been planted! B)

ProfitHarvest

@ProfitHarvest, She can still tag the top, perhaps even overshoot if she wants for a bull trap.. and still come down :) In my experience, if she's this close to the ATH, or any significant historic price level, she's bound to at least tag it! This chart is quite the cheeky little devil so I will remain cautiously Bearish for the time being.. but also be prepared to pivot if she shows signs of strength for the upside..

weeno310

@weeno310, seeming most likely the bounce from June lows WAS the bull trap and it just fizzled as Big Money saw R/R ratio drop and started pulling their money.

ProfitHarvest

@ProfitHarvest, Well, we will know soon enough! Is it a coincidence the election is only a little over 3 months away? ;)

Where do jou see DXY bottum ?

Alkeidess

@Alkeidess, HI! Please take a look at my DXY analysis posted today:

weeno310

@weeno310,

😉👍