Little Thought on SP500 H4 Chart
Just sharing my view. First of all, it moves directly inside the uptrend channel. While we thought this is already pick, but suddenly i try to take a look the pattern inside the channel.
Take a look at the starting point. The rally comes after the correction at the 'starting point'. Small correction when touch the 'Support 2', and then breakout the resistance (means the Support 2 area in the picture). The rally stopped first at the area named "support 1' (it was named Resistance 1 before the breakout). Market having some consolidation inside small Rectangle/Flag. After having 'too dip' correction (named A), it suddenly reversed and rally beyond the Resistance 1 & 2 (it becomes Support 1 & support 2 now).
There you go .. try to look briefly! It happen again!. The correction moves inside small flag/rectangle. And guess what?? It was having false breakout too! Named as B, and it marked as 'False Breakout 2'. So, if this is a repetition, it should be the Good Chances for Buying on Dip! I suppose, the dip normally will hold at 'Support 1 area' .. probably around 3825 - 3833. And if this going to happen, we will have the 'Resistance 1' broken! And that means, New high will become real possible around 3900 - 3920 or beyond.
And all depends on what Fed says tonight, but also will have significant impact at the end of US markets when we heard about The Earnings.
Of course my view could be false also! So, you better use your own Risk Management to do this.
Thanks
Take a look at the starting point. The rally comes after the correction at the 'starting point'. Small correction when touch the 'Support 2', and then breakout the resistance (means the Support 2 area in the picture). The rally stopped first at the area named "support 1' (it was named Resistance 1 before the breakout). Market having some consolidation inside small Rectangle/Flag. After having 'too dip' correction (named A), it suddenly reversed and rally beyond the Resistance 1 & 2 (it becomes Support 1 & support 2 now).
There you go .. try to look briefly! It happen again!. The correction moves inside small flag/rectangle. And guess what?? It was having false breakout too! Named as B, and it marked as 'False Breakout 2'. So, if this is a repetition, it should be the Good Chances for Buying on Dip! I suppose, the dip normally will hold at 'Support 1 area' .. probably around 3825 - 3833. And if this going to happen, we will have the 'Resistance 1' broken! And that means, New high will become real possible around 3900 - 3920 or beyond.
And all depends on what Fed says tonight, but also will have significant impact at the end of US markets when we heard about The Earnings.
Of course my view could be false also! So, you better use your own Risk Management to do this.
Thanks
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.