TradingShot

S&P500 preparing an end of the year rally to 3780

Long
FOREXCOM:SPXUSD   US SP 500 CFD
SPX continues to trade within the Channel Up that I previously spotted and right now the keys are a certain Fibonacci sequence as well as the MACD formation on the 4H time-frame.

As you see the MACD is printing a similar formation with November 23 - 26. That was when S&P500 made its aggressive Bullish Leg from 3545 to 3655. It made its top on the -0.1 Fibonacci extension then pulled back to the 0.382 Fib retracement and took some time to price a Higher High on the -0.618 Fib extension.

If the same pattern is repeated, then the price could pull back seeking support within the 4H MA50 and 0.382 Fib and then rise to the -0.618 extension which is around 3790. That would set up S&P on a nice end-of-the-year rally.



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Comments

Great chart work πŸ‘
+2 Reply
TradingShot growerik
@growerik, Thank you!
Reply
Not bad, not bad at all. I made net 800 points in last 100 trading days, which is not particularly good or bad result, but I am mentioning it because i have open position just as you described in your chart. What worries me is much lower price volatility in last couple of weeks. How do you see this playing out
Reply
nice chart bro
Reply
hotZebra43793 mastershark
@mastershark, hai good morning
Reply
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