SP500 (Y20.P4.E1.v2).Still bullish with a correction playing out
Updated
Hi All,
Keeping it short:
With the assumption that we have made wave 1 on the macro level with this being the top, then we are having the ABC retracement.
We can assume that we can have a moderate correction or a deep one.
For now, the projection is the 0.382 retracement level which has confluence with the Weekly 21 EMA;
If it was to be deeper, then the 0.5 to 0.618 EMA level which has confluence with the weekly 50 or 100 EMA;
For now, we are in an uptrend and hence the 21 weekly EMA is more probable for ABC completion with a bounce at this level as its on a support line along with confluence on the fib. retracement for this impulse and the 50 daily EMA. Possibly testing the new high;
The question is if it was to bounce, how high will it go will determine the size of the ABC correction;
With this in mind, I'm also looking at BTC to follow suit;
Lets keep an eye on this to a) anticipate BTC levels and b) review and take lessons from the outcome.
Please give me a like or tick for this post.
Regards,
S.SAri.
Daily
Weekly
Note on the daily, no bearish divergence but its on the weekly
PREVIOUS POST
Keeping it short:
With the assumption that we have made wave 1 on the macro level with this being the top, then we are having the ABC retracement.
We can assume that we can have a moderate correction or a deep one.
For now, the projection is the 0.382 retracement level which has confluence with the Weekly 21 EMA;
If it was to be deeper, then the 0.5 to 0.618 EMA level which has confluence with the weekly 50 or 100 EMA;
For now, we are in an uptrend and hence the 21 weekly EMA is more probable for ABC completion with a bounce at this level as its on a support line along with confluence on the fib. retracement for this impulse and the 50 daily EMA. Possibly testing the new high;
The question is if it was to bounce, how high will it go will determine the size of the ABC correction;
With this in mind, I'm also looking at BTC to follow suit;
Lets keep an eye on this to a) anticipate BTC levels and b) review and take lessons from the outcome.
Please give me a like or tick for this post.
Regards,
S.SAri.
Daily
Weekly
Note on the daily, no bearish divergence but its on the weekly
PREVIOUS POST
Comment
as per the scriptComment
Comment
Comment
How are we tracking, As I said, if we did wave 5 then this is the ABC correction, then we are on script.
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