TradingShot

S&P500 Emerging Golden Cross on 4H.

Long
FOREXCOM:SPXUSD   US SP 500 CFD
My most recent analysis on S&P500 was 15 days ago, when I talked about why the Bearish Ichimoku was in fact a bullish signal:


As it turned out, the signal was accurate and SPX made a bottom on the Higher Lows trend-line of the Channel Up and rebounded. In fact it even broke above the 1D MA50, the strongest short-term bearish barrier (also the 4H MA200) and is closing in on the 4480 September 27 High.

The pattern seems like a peculiar Inverse Head and Shoulders , which is a bullish formation, but perhaps even more important than that is the fact that we have a potential 4H Golden Cross (when the 4H MA50 crosses above the 4H MA200) forming. Ever since the November 2020 U.S. elections, every Golden Cross on the 4H time-frame has been heavily bullish .

I mentioned on my last update that this price action resembles the February-March fractal and currently I see no reason to change that. I expect a test of the 1.5 and 2.0 Fibonacci extensions towards the end of November for a new Higher High on this long-term Channel Up.


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