If you are seeking the answer why has the SPX500 stopped at this strange area and stucked, I got the answer :) The golden number is a key this time as almost always in technical analysis. This two lines corresponds with 1.618 of two different market moves: 2120 is the level of 1.618 extension of the previous bull run ended in late 2007 2072 is the level of 1.618...
This Gartley pattern formed at the end of consolidation suggests a long movement from a monthly low. if there is a break out of consolidation , the market will likely rally up into the 1.618 extension of the BC leg, around 1.45530. i have placed my order long keeping the risk reward ratio at 2:1. I have placed my stop at the lowest low of the Gartley pattern, and...
EURUSD 1.618 Pitchfork-Fibo extension
Price has stalled shy of the first resistance level (1.4615) and bounced off the median line, continuing corrective sideways price action. The down trend is still firmly in force. The EUR is the weakest of the majors, and the AUD has been quite neutral, so the outlook is bearish. It is quite possible that it's on its way to the level, where the size of the entire...