SPX ready for bounce until 2530?As i've said yesterday () the target i had expected for a bounce was 2450-2440.
The price is arrived near to this level (2441.18). Tooday i think we can see an up price. In my opinion the target for the day is near to 2530.
Based on tooday price movement we could undestand what the market will want to do in the next days.
Gannlevels
SPX Daily analysis Today opening will be relevant to understand which will the market reaction.
In this moment my primary idea is: market want to continue his down phase. In this case i think we could see a small bounce near to 2450-2440.
If the market had to arrive on this level we probably see a bounce.
In case of this idea will be confermed, I will update the analysis as soon as possible.
SPX critical situation As you can see on the image the market now is testing the 1/2 Gann Fan. If the price had to broke this level the situation will become critical.
The 2540 level is important because if the price will go down the main trend for this market change from bull to bear.
In this case first target can be 2350 and i think i will go short. If the market reject this idea i will update my analysis trying to find new buy&sell points.
Next targets will update in future.
Jon Morgan's GBPUSD long analysis based on Gann 49 day cycle.The price action certainly confirms a number of cases for a bullish outlook, but more than that: The 49 day cycle.
I've written about the power of this cycle before and the importance Gann made with it. The 49-day cycle is what he called the 'Death Zone'. He said this because trends often find strong reversals from blow-off moves - which is exactly what we have in the GBPUSD 0.10% chat.