SPY has been undergoing accumulation, markup activated 10/21 above 373.93 (will want to see continuation next week for the path to play out in timeline detailed below):
Initial Target 388-393 by end of October 2022 (SoS)
Slight pullback to 377-382 into early November (BU/LPS)
Estimated trajectory following above scenario:
408-419 by December 2022
371-384 going...
I underestimated extent of corrective wave on last post and thought we would end with double combo. However, it ended up being a triple combo
Target still 4300s by mid-March
Triple combo for the triple Qs?
If it can get past 300 as the stochastic RSI suggests it is set to do (geez that weekly stochRSI is a lot more bullish than price action suggests...), then my X2 target is 332.66 - but could be realized somewhere in the green target box if we can clear this resistance immediately above.
From there Z could be realized in the red...
Gold's upside move could end shortly, forming an intervening wave x that could be followed by either an ending zig-zag or an ending triangle pattern.
The successful correction could turn the current structure into a triple combination!
Look for potential invalidation above 1519/oz.
Trade safe
Stavros Tousios
Head of Investment Research
Orbex
This analysis is...
The market quickly penetrated the support line overnight and then reversed.
It may be too early to say, but it is a concrete sign of reversal.
The daily candle will probably close in "Evening Star"... to follow!
We can also notice a head and shoulder pattern on a 15-minute chart
Le marché à rapidement pénétré la ligne de support cette nuit pour ensuite se...
