SPX500 top-down analysis
Updated
Hello Traders:
Weekly Overview: The market is currently on an Ascending Channel with swing highs and lows to the upside. Price hasn't yet completed correction which means it hasn't broken to the downside for a continuation.
Daily Overview: Price action is making a symmetrical expanding triangle. Price action is making another Ascending Channel with swing highs and lows to the upside. Price is in a bearish correction phase to the downside.
Four Hourly Overview: Price action is in a Descending corrective Channel to the downside. Waiting for price to break below bullish correction and continue down.
One Hourly Overview: Price action is in a symmetrical triangle. Waiting for price to break and create a continuation correction on the LTF to the downside.
Weekly Overview: The market is currently on an Ascending Channel with swing highs and lows to the upside. Price hasn't yet completed correction which means it hasn't broken to the downside for a continuation.
Daily Overview: Price action is making a symmetrical expanding triangle. Price action is making another Ascending Channel with swing highs and lows to the upside. Price is in a bearish correction phase to the downside.
Four Hourly Overview: Price action is in a Descending corrective Channel to the downside. Waiting for price to break below bullish correction and continue down.
One Hourly Overview: Price action is in a symmetrical triangle. Waiting for price to break and create a continuation correction on the LTF to the downside.
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Price broke above descending channel on the four hourly. Price also broke above symmetrical triangle on the hourly. Is price going to hold buying power?
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