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Short SPX500 at 2168 for 20 points. Not more than that
As an update to the previous post : Price has crossed the resistance level. Be cautiously long with a intraday SL of 2095 and a closing SL of 2105
The lower support line to be held on a closing basis for a neutral stance. 2098 to be surpassed for bullish bias to resume.
The next weekly closing renko levels to be surpassed are 8282 , 8540 and 8798. SL 8024 on closing.
New red renko bar is forming and probably is the start of a leg down . SL is daily close above 2054
Hey I got this crazy idea of doing a EW count on a Renko chart
As per the Renko bars, weekly close above 7689 is not bearish yet.
Renko level-- Weekly closing above 2077 is bullish
Crucial spot .
Just keeping the previous Renko close as the stop
Go long with a SL of 2055, which is the half way mark for the previous renko bar made of 10 period ATR.
The renko bar on a daily timeframe has started emerging and the RSI has not reached the historical peak level. Expecting more upside.
If the daily close not atleast 100 points up from current levels then looks like the preferred path is down.
The renko bar completion will signal a short. Till then be patient or go long with 2055 as the SL
The start of a red renko bar shows weakness. But still would make sense to wait for a complete bar or break of the trendline above
12 consecutive green renko bars. RSI ( seven period) in saturation levels. Ripe for a short.
Price reaching Renko resistance level and 7 period RSI reaching saturation levels. So a short after a 50-100 point rise.