Hellena | SPX500 (4H): LONG to resistance area of 5915.

Colleagues, I was waiting for the price to reach the support area of 5656, because the big corrective wave “IV” should end soon.
I am still looking for a long entry point. I expect that wave “IV” has either ended or will soon end its downward movement in the 5656 area and we will see the beginning of an upward wave.
I expect that the first target is the resistance area of 5915.

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Note

Price is still continuing its downward movement and so far it is not disrupting our plan. Wave “C” continues, but it definitely has an end. I still expect an upward movement.

Note

for now, I suggest you just watch the price behavior. It is possible to update the lows.

Trade active

Well, the price can still update the lows, but I think it is worth looking at long positions. Therefore, I would recommend working with pending limit orders.

Note

I still believe that the price will start an upward movement. Bears are losing strength and I think that wave “IV” is either formed or will finish forming soon.
Wave “3” was longer and therefore I think that wave “5” is finishing its formation.

5 days ago

Note

The price has overcome the 5656 area and is heading upwards. I believe that the formation of the wave “V” of the higher order has begun. I expect a small correction and continuation of the upward movement.

Hellena_Trade

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Hellena_Trade

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