SPX Primed For A Powerful Wave 3 Decline - UpdateSPX extended the double zigzag correction originating from the December 22 low terminating at today's 3950 high.
That 3950 high marks the completion of W2 to set up for the bearish W3 breakdown out of this consolidation period.
Below 3875 will confirm the W2 termination point, which should lead to retracing the majority of the recent rally targeting 3835-3805, for w1 of W3.
Ultimately, there is a high probability target range for the W3 decline, which includes the 78.6% retracement from the October 13 low and 90-100% extensions of W1. Those are 3648-3622-3615.
A fourth wave rally will follow after W3 is complete to be followed by a fifth to complete (W1).
Es_f
01/08 Weekly Plan. ES Futures March01/08 Weekly Plan. ES Futures March
Weekly Pivot is 3,875
Targets
1. 3,929
2. 3,985
3. 4,026
Targets
1. 3,840
2. 3,792
3. 3,758 .
Now trading at 3,924 near Weekly TP1 - Upside
You will receive alerts in this channel every time ES hits (2M candle close):
1. Weekly opening 3,918.5
2. Weekly pivot at 3,875
3. Each weekly target.
Side notes:
1. Weekly chart is currently balancing H3929.75, HB3858, L3788.
2. One time framing up in daily chart ends if 3,829 breaks during RTH.
3. When trading of weekly levels, each level will act as support and resistance, “no trade zones” do not apply to weekly plan.
Have a great week and trade safe. @everyone
SP500 headed higherSP500 appears to be headed higher. The most widely used indicators MACD, RSI and 5/20 EMA are showing bullish. Most important is the RSI, a bullish signal formed when the RSI stayed within a tight range below the 50 than retraced above the 50 level.
Same time the MACD signal went positive
Breakout of range
Above anchored VWAP from the low
RSI above 50
Anyone's guess how much higher it can go, but with current analysis, I see the previous highly range being tested.
Complex H&S or Inflationary candles?Back from a long pause,
These are called multiple, or complex, head and shoulder formations but my levels say the final word, let me ask you:
Acceleration of inflation or are we going to see a change in the mood?
What would set the tone for the next phase of market movement?
Why more inflation and not deflation?
Can you answer these questions?
ES needs to get above 3881.50 to continue goingI can say that the lows are in for now, but the only issue is the timing, its not going to bottom till the 22nd.
So to me it seems its going to test lows 3750ES zone by the 22nd and then go up into early high next week on the 26-27th.
Thursday should mark the bottom and then go up on Fri hard on the data is my thinking. That high should be limited to 3950-60SPX imo
ES quick update with support boxesHavent updated my ES progress chart, here is one
If first box is taken (which I think has high chances of holding tonight), then the second box in 3750ES zone should hold and bounce into the open.
If second box gets hit early am before the open, it will be a perfect buying opportunity for me for a 100 points move up plus
ES stopped at its bull trendlineLook where it stopped, loosing 3985 will be very bearish going into tomorrow.
Im looking for a long trade, ideally we make a higher low tonight.
The pathway for tomorrow can be a gap up and then sell into Wednesday or Thursday
Very important to watch that trendline holing and if broken, there will be a perfect short setup when it retests that trendline from the bottom.
If it wont re-test the thredline from the bottom (again if broken down), then it will be very bearish!
Im thinking we will see The whole Powell speech erased, support is at 3940-50ES for the whole move down.
Lets see if the price can get there tomorrow, it will be a good long entry for a 40-50 points move up
Also I have a great confidence that the whole CPI move will be erased at some point, will it be end of this year or Jan, I dont know at this moment.
15th is the Panic Cycle Day, also 1 day before OPEX.
Best scenario is we bottom after CPI and rally into Last week of Dec
As of now, I see a trading cycle turn bearish, so short the rips will be the game for me.
ES support and resistance zones for next 2 daysDont expect a full breakdown to 3750 just yet, but it will get there.
The best trade will be a short of the broken trendline!
Its coming, so if you want to short, wait for a setup, dont short in the hole here.
I will be looking for a long and then will short that trendline test