InvestMate|S&P500 Waiting for declines📉📈
📉📈S&P500 Waiting for declines.
📉📈As I wrote in a previous post on the dips of the declines:
📉📈This time the outlook remains unchanged.
📉📈I will try to give you an updated picture of the situation.
📉📈Begin with the fact that we have been in an uptrend for more than a good month.
📉📈Many factors are responsible for this, one of the most important being the fall in the value of the dollar.
📉📈The current correction is in the shape of a triangle and the range of movement is constantly decreasing, which provokes a sharp breakout, in my opinion to the south.
📉📈I believe so because since the start of the uptrend we have only made one significant downward correction and we are currently struggling to break through to new highs.
📉📈Everything will play out in the coming days.
📉📈But in my opinion the execution of a small correction at this point would be highly probable.
📉📈I determined the support zone based on the fibo level of 0.5 of the entire upward wave after the biggest correction. These were also the places where the price has struggled to break through in the past.
📉📈The resistance zone is the area around the recent peaks.
📉📈The scenario I am playing out is a breakout from the accumulation, falling to the edge of the upward channel. Then a breakout upwards to reach new local highs.
📉📈*Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario.
🚀If you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.🚀
📉📈As I wrote in a previous post on the dips of the declines:
📉📈This time the outlook remains unchanged.
📉📈I will try to give you an updated picture of the situation.
📉📈Begin with the fact that we have been in an uptrend for more than a good month.
📉📈Many factors are responsible for this, one of the most important being the fall in the value of the dollar.
📉📈The current correction is in the shape of a triangle and the range of movement is constantly decreasing, which provokes a sharp breakout, in my opinion to the south.
📉📈I believe so because since the start of the uptrend we have only made one significant downward correction and we are currently struggling to break through to new highs.
📉📈Everything will play out in the coming days.
📉📈But in my opinion the execution of a small correction at this point would be highly probable.
📉📈I determined the support zone based on the fibo level of 0.5 of the entire upward wave after the biggest correction. These were also the places where the price has struggled to break through in the past.
📉📈The resistance zone is the area around the recent peaks.
📉📈The scenario I am playing out is a breakout from the accumulation, falling to the edge of the upward channel. Then a breakout upwards to reach new local highs.
📉📈*Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario.
🚀If you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.🚀
Note
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💲 To keep up to date with all my activities I invite you to visit my Telegram 💲
💲 t.me/Investmatez 💲
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💲 To keep up to date with all my activities I invite you to visit my Telegram 💲
💲 t.me/Investmatez 💲
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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.