S&P BULLISH RUN TO 4407.9 PRICE LEVEL
My expectation and target this week on the S&P (US500) is a bullish run to the 4407.9 price level which I got by Fibonacci extension by anchoring my Fibonacci to the previous week’s Friday low and high and I got this level by adding a -0.5 to my Fibonacci. That level is also at a Daily timeframe Imbalance and inverse Daily timeframe Volume Imbalance (Gap between candles).
With today’s trading we can see that the market accumulated below the yellowish horizontal line at the New York Midnight Opening Price which is for ICT’s Power of 3, the blue box attached to the low of the yellowish horizontal line is the accumulation/manipulation phase of the day. Price then expanded to the upside and had a candle body close above Friday’s High and this confirms a break of market structure and validates a bullish run for the the Fibonacci extension level of -0.5 which is the 4407.9 price level.
The point I have extended my path tool to has blue and oxblood colored rectangular boxes, that is my point of interest to look for Longs, it is where I expect price to offer support and then a continuation during London or New York AM session tomorrow Tuesday 17th.
Here are the confluences for which I consider this level to act as support:
1. The blue rectangular box is an inverse Imbalance in price on the 15 minutes timeframe which tends to offer support when traded through and retraced to.
2. The oxblood rectangular box is a 15 minutes timeframe bullish breaker candle which is the last upclose candle after the market creates a low, lower low and then break of structure, this last upclosed candle tends to offer support when traded back to if price is bullish.
4. There is a 1 hour timeframe orderblock which is the last downclosed candle that tends to offer support when traded back to if price is bullish.
5. Most importantly it is also the 0.705 OTE (Optimal Trade Entry) level of the Fibonacci retracement which is the most sensitive support point of the Fibonacci in ICT’s concepts.
6. There is also a weekly timeframe Imbalance low which also tends to act as support when traded back to if price is bullish.
So these are the confluences to which I have considered going Long on the S&P (US500) this week.
With today’s trading we can see that the market accumulated below the yellowish horizontal line at the New York Midnight Opening Price which is for ICT’s Power of 3, the blue box attached to the low of the yellowish horizontal line is the accumulation/manipulation phase of the day. Price then expanded to the upside and had a candle body close above Friday’s High and this confirms a break of market structure and validates a bullish run for the the Fibonacci extension level of -0.5 which is the 4407.9 price level.
The point I have extended my path tool to has blue and oxblood colored rectangular boxes, that is my point of interest to look for Longs, it is where I expect price to offer support and then a continuation during London or New York AM session tomorrow Tuesday 17th.
Here are the confluences for which I consider this level to act as support:
1. The blue rectangular box is an inverse Imbalance in price on the 15 minutes timeframe which tends to offer support when traded through and retraced to.
2. The oxblood rectangular box is a 15 minutes timeframe bullish breaker candle which is the last upclose candle after the market creates a low, lower low and then break of structure, this last upclosed candle tends to offer support when traded back to if price is bullish.
4. There is a 1 hour timeframe orderblock which is the last downclosed candle that tends to offer support when traded back to if price is bullish.
5. Most importantly it is also the 0.705 OTE (Optimal Trade Entry) level of the Fibonacci retracement which is the most sensitive support point of the Fibonacci in ICT’s concepts.
6. There is also a weekly timeframe Imbalance low which also tends to act as support when traded back to if price is bullish.
So these are the confluences to which I have considered going Long on the S&P (US500) this week.
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