Useless explanations are not needed. The market can go anywhere it wants regardless of people's views, Trendlines, Support/Resistance, Moving averages and EW counts. Market movement is like the flow of water. It can go anywhere it wishes to no one can stop that even FED.
This is not financial advice I could be wrong
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Here is the top-down analysis for US500, feel free to request any pair/instrument or ask any questions in the comment section below.
Best of luck!
Here we can see clearly the next moves for US500(SPX), we currently using the H2 time frame for clearer view of our analysis, but the moves may take longer to move with our analysis baring in our mind today & coming two days are holding very important fundamental news for US index (DXY) & all the other major indices, currencies or metals that revolves in the orbit...
Technically, we have left the trading range, but the current event can be considered not only as a sign of weakness, but also as a Spring signal. Probably we won't update the current low, so we will run a Test of Spring and rise the next day.
Here is a cheat sheet for the very reliable pattern - Gartley. If you are able to find it on a chart the successful trade can be executed. The most important thing for gartley is the proportions which should be approximately like on the chart. There are four most popular Gartley's types:
Please, write in comments...
Are you ready for the multiyear bear market?
Cash is king, keep your portfolio at 60cash/40stocks and always remember that sometimes cash is trash, and the other times cash is king.
We are reversing to the later.
The index is arrived on very high level and on basis my analisys probably completed the wave.
Also RSI is overbougth so there is condition for a rebound.
Hypotesis A) we are on wave B so there will be a large short wave
Hypotesis B) we have completed wave 1 of new long structure and we will have a pull back until 4400 / 4500 area
HOPE EVERYONE IS DOING GOOD HAVING A GOOD ONE, HERE'S A LOOK AT POSSIBLE SCENARIOS THAT COULD PLAY OUT IN THE COMING WEEK ON US 500.
The index opened the week with a bullish reversal to test- 61.6 % fib ( 4675.00)
* The index is still strongly bearish looking at momentum to the down side
* Tested and rejected 61.8 % Fibonacci level signaling...
This is not the SPY, but this does follow it fairly closely. Please see the Volume for tonight vs. October US open market, we are ramping up for the big rug pull. We are doing it at night, and possibly for tomorrow's half day market. At 19:00 central standard time, the Nikkei will continue to dump this off. Monthly and weekly charts show a very very very long way...