I know, there are too many lines and looks like a mess, but they are all important to me:
1. Pitchfork: Pretty obvious pitchfork built using that M shape from 2000 to 2008, currently we broke up the top and shows support lines.
2. Trendline: It has been working as support since 2008, watch for the break down.
3. Fibonacci Timezones: There are 2 fibonacci time zones at the end of 2019 which may trigger some major correction.
4. RSI: It was overbought at the beginning of the year, now it has cooled down and shows that the trend is still strong, but I can totally see a bearish divergence being formed in a few months.
5. Sinwave+Momentum: Momentum and short term sinewave show weakness but long term sinewave is still strong, so to me it looks like the bull run will continue for now.
6. Lines indicator: They are just an all time mean with some standard deviations, but if you look at how the price moves between them you will notice that they have worked as support and resistance in different times. Now are at touching the same line that it touched before 2000 crash.
Based on this chart I believe that the SPX may keep going for a while longer, but a major correction is going to happen soon and it's going to be huge.
1. Pitchfork: Pretty obvious pitchfork built using that M shape from 2000 to 2008, currently we broke up the top and shows support lines.
2. Trendline: It has been working as support since 2008, watch for the break down.
3. Fibonacci Timezones: There are 2 fibonacci time zones at the end of 2019 which may trigger some major correction.
4. RSI: It was overbought at the beginning of the year, now it has cooled down and shows that the trend is still strong, but I can totally see a bearish divergence being formed in a few months.
5. Sinwave+Momentum: Momentum and short term sinewave show weakness but long term sinewave is still strong, so to me it looks like the bull run will continue for now.
6. Lines indicator: They are just an all time mean with some standard deviations, but if you look at how the price moves between them you will notice that they have worked as support and resistance in different times. Now are at touching the same line that it touched before 2000 crash.
Based on this chart I believe that the SPX may keep going for a while longer, but a major correction is going to happen soon and it's going to be huge.
Note
I'm confident we are going to ATH, but based on my chart, we may be reaching a turning point, a crash is likely to start next year between august and october, which may push us back to previous ATHs at 1500. About how high can we go in the last run, I'd say 3.6k.Trade closed: target reached
Didn't last for long... bulltrap and now going down.
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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.