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Looking to short SPX after this double top.
Once the neckline breaks you have several opportunities to place short trades ...
Target is the longterm channel bottom at around 1737.
Taking first profits at 1845.
If it breaks the neckline and confirms the head & shoulders top,
you can expect another leg down to 8136 - 7700 (maybe even this year).
If no breakdown occurs and 8902 holds, I expect a decent bounce to 9500+
Also, interesting ratios between the last 4 waves indicate good downside potential.
Plans for both sides for the next year.
The upside is more likely in my opinion and has the potential to continue beyond my target of 1522.
The downside is limited. If it continues going lower from 830,
you can assume we are in a gold crisis or something like that.
Anyways, once the current correction down from 1900 is over,
you can expect a steep reversal and...
Litte trade idea for next 1-2 days.
strict stop-loss bellow the neckline / 0.236 fib
Good risk/reward ratio of around 1:7
This trade has to go well 1 out of 7 times for you to make profit.
Seems doable :)
Take this trade if comming candles are closing above 446 ( 1.272 extension of XA ) or are atleast not going lower than 442.
We are at a major support level here so a bounce is not unlikely anyway.
RSI extremely low aswell.
Target : 470
All in all a setup worth watching.
A key trendline that looks like breaking rightnow.
Patient traders should wait for the candle close as a confirmation.
Please leave a comment on how long you think one should wait before calling this trendline definitelly broken.
I'd give it a couple days more ...
Fibonacci numbers (blue vertical lines) and ratios (purple) applied on time.
In case of failure, we break 450, and should expect 260 (last bubbles top)
If we keep climbing up and break top resistance expect rally up to 3000 - 4000.
Infact targets like 10k for the next bubble are unreasonable.
The next bubble will be more like a last breath of the bulls,
D has to stay above X (554.45) for this bullish bat to be valid.
Potential reverals zone (PRZ) is therefore between the X level and
the required minimum retracement of 0.886 of XA.
First target: 604 but it should go higher after a 25% retracement
Carefully adjusted fibchannel and timefibs.
Allignments of price and fib channel are marked by yellow lines (scale out to see more allignments)
0.618 - 0.764 time fibs mark a potential breakout area.
Next weeks I expect moves within the red diagonals, less volatility, smaller trend angles on downmoves, short: sideways.
So moon rally likely to start in august.