S&P 500 Channel Down Short

US SPX 500OANDA

Description

⋅ Jun 30, 2022 8:44 AM

So this is the S&P 500 from 21st April 2022.

We can see price is tracking down the channel

Using the last channel high / low and recent retracement , it is likely an intra-channel N wave (ABC) will develop.

So a target is given based upon

1. Price extension for the development of an N wave.

2. Time cycle ( for the 3 wave of the a potential N wave) of 9 days.

This interim target is around 3380.

Comments

salsapete

⋅ Jun 30, 2022 9:57 AM

Hi CapeAfrican ..... Ichimoku V Wave Extension ( since the retracement was fib .55 level) C = B - ( O - A ) , where O is the origin of the pattern. :)

CapeAfrican

⋅ Jun 30, 2022 5:18 PM

@salsapete, Impressive...never thought of combining those ...:-)

CapeAfrican

⋅ Jun 30, 2022 9:52 AM

Agree on that -- the bear rallies since Jan have been 5-8 days except for March --The bear Sell - Offs have been 14+ -- Where do you get the interim target 3380 value from??