SPX500 might be in "sell the rumor, buy the news" mode.
But the bounce has just hit a major fib (of its Covid wave).
If the news is bearish, this would be a perfect top to drop.
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But the bounce has just hit a major fib (of its Covid wave).
If the news is bearish, this would be a perfect top to drop.
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Trade active
PLUNKTariffs were not good news for the market.
Fell into our green Support zone
Which is made of a Covid Fib and a Genesis fib.
.
Adding a fib to the drop:
That looks like a decent "impulse" Ifib 0,1).
Got a few confirmations on the extensions.
.
IF that proves to have been a true Impulse,
then we look to the 4.236 as first guess target
Puts us at 5070, with major support at 5100 above it.
But first, lets see what a dead-cat bounce does if at all.
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the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag
Related publications
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.