My S&P500 blueprint
Hello, I'd like to start this off by saying this is not investment advice and solely my perspective of what I'm seeing in the chart. Any criticisms are welcome.
Correction wave completion between .5 & .618 fib levels ------------
1) Most corrections pivot at this area on the fib.
2) We've already had an attempted break and pull back under the .5 fib, finally showing some weakness.
C wave completion at 313. The full retracement -----------------------
I see this as the most likely scenario.
1) Tick charts show that we've had some of the strongest bullish activity within the last trading week, who's to say it lets up next week?
2) It is possible for the c wave to go TO THE ATH before reaching completion.
3) This bull trap hasn't exactly trapped anyone, 44% are still bearish on the market as a whole, while only 36% are bullish. We are seeing these starting to flip and with the timeframe of the rising wedge, we'd have majority bullish by then assuming a 4% gain each week and a 4% loss respectively.
4) BECAUSE POWELL GO BRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR
Correction wave completion between .5 & .618 fib levels ------------
1) Most corrections pivot at this area on the fib.
2) We've already had an attempted break and pull back under the .5 fib, finally showing some weakness.
C wave completion at 313. The full retracement -----------------------
I see this as the most likely scenario.
1) Tick charts show that we've had some of the strongest bullish activity within the last trading week, who's to say it lets up next week?
2) It is possible for the c wave to go TO THE ATH before reaching completion.
3) This bull trap hasn't exactly trapped anyone, 44% are still bearish on the market as a whole, while only 36% are bullish. We are seeing these starting to flip and with the timeframe of the rising wedge, we'd have majority bullish by then assuming a 4% gain each week and a 4% loss respectively.
4) BECAUSE POWELL GO BRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.