Reversalpattern
TSLA: Great opportunity to BUY? Let's see.Hello traders and investors! Let’s see how TSLA is doing today!
Despite the crash, TSLA made a very technical move that shouldn’t be a surprise to no one. As we mentioned in our yesterday analysis (link below), the moment it lost its support level, it dropped more $ 100, and now it is reacting as expected.
The support level that held TSLA today was the purple trend line along with the black line (Sep 2021’s support). This dual-support level worked nicely today, and the volume is finally increasing.
If you didn’t know better (that there’s a war going on), you would see this movement just as a retest of a support level in a bear trend.
This movement is good, but TSLA has a few challenges to overcome. Let’s see the 1h chart:
Yes, TSLA is triggering a mini pivot point, a reversal pattern. The problem is, the 21 ema is very close to the red line at $ 792, and although TSLA is breaking it right now, I wouldn’t be too greedy on this. It could easily do a correction again from here tomorrow.
If TSLA confirms another reversal sign, the gap at $ 920 will be the next target. I think that we have a good opportunity, but we should go easy on it, as the trend is still bearish. As you guys know, I always like to buy when there’s blood in the streets, but we must do it patiently, as the market confirms our thoughts, using a solid and proven strategy.
In my view, there are stocks much more interesting than TSLA, but I’ll always keep you guys updated every day on this, so remember to follow me to not miss any of my future analyses!
NVDA: Important reaction near a support level! What to expect?Hello traders and investors! Let’s update our thoughts on NVDA today!
The market crashed, and it took NVDA with it. However, the drop was not that intense, as it seems the market already priced its main catalysts (or almost priced them).
In fact, what NVDA did was extremely technical: A pullback to the previous support at the black line ($208.88), and now it is doing a bullish reaction, as expected in support levels.
This doesn’t mean it is reversing, but it is a bullish reaction for sure, as despite the drop, the candlestick is very bullish. This could be the beginning of a mid-term reversal, but the confirmation will come only after we break the purple trend line.
In addition, it is important to wait for some bullish structure in the 1h chart, before calling it a buy. So far, we see no meaningful technical reaction, as NVDA is still doing lower highs/lows and it is below its 21 ema.
If it does a reversal, I see it easily filling the gap at $ 263 area. For now, we must wait for more patterns, as the situation is still very delicate. I’ll keep you guys updated every day on this, so remember to follow me to keep in touch with my insights.
VETUSDT Buy timeHello traders!
We can see a channel breakout but it looks like the market is forming a reversal pattern after a breakout. It will push up to form new Higher highs.
Stoploss 0.04588(-1.8%)
Target 0.04905(+5%)
Suggested leverage is 10x
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GBPAUD: Preparing For Sells As Price ReversesPrice just reversed on the daily timeframe. Buyers were pushing GBPAUD to the upside, but now that AUDUSD is increasing in strength, GBPAUD is decreasing. These two currency pairs are whats called negative correlating currency pairs.
The pair they have in common are AUD. It's like a seesaw. AUD is in the middle. If GBPAUD increases AUDUSD will increase. If GBPAUD decreases AUDUSD will increase. There are plenty of websites to find positive and negative correlations. A quick Google search should do the job. Be sure to focus on pairs that move 70 to (-70) with and against each other.
AS far as GBPAUD, I'm on my hands until price pulls-back. We don't know how long price will decrease until the pullback happens.
Press 👍🏽 if you enjoy this analysis and be sure to comment your thoughts and questions below.
Remember, let us be kind to one another and provide value, not just random thoughts.
US500 4293.4 LONG IDEA + 0.01 % * PRICE ACTION & STRUCTURE RVSL HEY EVERYONE
HOPE EVERYONE IS DOING GOOD HAVING A GOOD ONE,
A LOOK AT THE US500 INDEX THIS WEEK SWING
* The index was trading in a DESCENDING channel but seems the channel is now RUNNING out of steam as we see consolidation at the base of the channel and the formation OF A DOUBLE bottom in the cards.
- Short term the index is currently in reversal formation in the form of a possible DOUBLE BOTTOM.
- key to the set up will definitely be patience as there is a spike level that could come into play again should we break below.
- Looking for LONG entries on the INDEX this week should all the rules of the formation be met.
lets see how it goes
IF THIS IDEA ASSISTS IN ANY OR IF YOU LIKE THIS ONE
SMASH THAT LIKE BUTTON & LEAVE A COMMENT.
ALWAYS APPRECIATED
____________________________________________________________________________________________________________________
* Kindly follow your entry rules on entries & stops. |* Some of The idea's may be predictive yet are not financial advice or signals. | *Trading plans can change at anytime reactive to the market. | * Many stars must align with the plan before executing the trade, kindly follow your rules & RISK MANAGEMENT.
_____________________________________________________________________________________________________________________
| * ENTRY & SL -KINDLY FOLLOW YOUR RULES | * RISK-MANAGEMENT | *PERIOD - SWING TRAD
US100 13808.4 + 0.49 % LONG IDEA * PRICE ACTION & RVSL PATTERNS HEY EVERYONE
HOPE EVERYONE IS DOING GOOD HAVING A GOOD ONE,
A LOOK AT NASDAQ INDEX THIS WEEK SWING
* The index was trading in a DESCENDING channel but seems the channel is now RUNNING out of steam as we see consolidation at the base of the channel and the formation of a reversal pattern.
- Short term the index is currently in reversal formation in the form of a possible inverse H&S.
- key to the set up will definitely be patience.
* entry could include completion of the right shoulder, and momentum shift
- Looking for LONG entries on the INDEX this week should all the rules of the formation be met.
lets see how it goes
IF THIS IDEA ASSISTS IN ANY OR IF YOU LIKE THIS ONE
SMASH THAT LIKE BUTTON & LEAVE A COMMENT.
ALWAYS APPRECIATED
____________________________________________________________________________________________________________________
* Kindly follow your entry rules on entries & stops. |* Some of The idea's may be predictive yet are not financial advice or signals. | *Trading plans can change at anytime reactive to the market. | * Many stars must align with the plan before executing the trade, kindly follow your rules & RISK MANAGEMENT.
_____________________________________________________________________________________________________________________
| * ENTRY & SL -KINDLY FOLLOW YOUR RULES | * RISK-MANAGEMENT | *PERIOD - SWING TRAD
DXY 95.81 - 0.3% SHORT IDEA * PRICE ACTION & REVERSAL PTTNS HEY EVERYONE
HOPE EVERYONE IS DOING GOOD HAVING A GOOD ONE
SOME OPPORTUNITIES IN THE COMING WEEK.
LOOKING AT THE DOLLAR INDEX
* The index has been trading in a descending channel currently range bound in a descending channel.
* Looking for that lucky number 3 touch to see the index respect the descending structure and bearishly rally to test the base of this structure.
* The index already saw a delay at the base of the descending triangle structure which may signal having gardered momentum to go give that 3rd touch.
- should this happen looking for shorts on the dollar index, a break above changes the whole plan.
lets see how it goes
IF THIS IDEA ASSISTS IN ANY OR IF YOU LIKE THIS ONE
SMASH THAT LIKE BUTTON & LEAVE A COMMENT.
ALWAYS APPRECIATED
____________________________________________________________________________________________________________________
* Kindly follow your entry rules on entries & stops. |* Some of The idea's may be predictive yet are not financial advice or signals. | *Trading plans can change at anytime reactive to the market. | * Many stars must align with the plan before executing the trade, kindly follow your rules & RISK MANAGEMENT.
_____________________________________________________________________________________________________________________
| * ENTRY & SL -KINDLY FOLLOW YOUR RULES | * RISK-MANAGEMENT | *PERIOD - SWING TRADE
GBPAUD | perspective for the new weekThe Pound has been trending higher since the beginning of last year and has since been rejected at A$1.915area on two separate occasions (August 2021 and February 2022) thereby leaving a clue for selling opportunity if the price does not break out of this area.
Tendency: Downtrend (Bearish)
Structure: Supply & Demand | Trendline | Reversal pattern (Double Top)
Observation: i. Zooming in on the daily timeframe, the visual representation of a line drawn under pivot lows reveals the prevailing direction and speed of price action in the last 3 months.
ii. However, after testing the major supply zone around the A$1.92 area; price action appears to began a spiral downward a phenomenon that wants to be similar to what happened in August 2021.
iii. The appearance of a double top structure within an important supplication (A$1.92) area appears to be confirmed when price did a breakdown and retest of its neckline in the last couple of weeks.
iv. In this regard, I shall look forward to a breakdown of the trendline for confirmation to open a short position on this pair in the coming week(s).
v. Hence, the below trendline remains a comfortable area to sell the Pound... Trade consciously!😊
Trading plan: SELL confirmation with a minimum potential profit of 400 pips.
Risk/Reward : 1:3
Potential Duration: 5 to 10days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
EURCAD | Perspective for the new week | Follow-up detailsSince my last publication on this pair, the price moved over 350pips in our direction before the retracement began ( see link below for reference purposes). And I expect the retracement to culminate at a level between 50 and 78.6% before the rally continues hence my previous bias still holds (see link below for reference purposes).
Tendency: Uptrend (Bullish)
Structure: Supply & Demand | Trendline | Reversal pattern (Double Bottom)
Observation: i. Following the bearish run that lasted 5 months, the CAD recorded a 6.20% growth against the Euro and it appears the Euro is gaining traction following the strong impulse leg that began on the 27th of January 2022.
ii. Double Bottom: The appearance of this reversal pattern at this juncture (C$1.41) in the market revealed a change in trend and a momentum reversal from prior leading price action as selling momentum continued to reduce.
iii. So, I am looking forward to the retracement to test the neckline which is also the key level or within C$1.425 & 1.435 to hop into the potential rally in the coming week(s).
iv. Please note that the above key level remains a comfortable area to buy the euro with an opportunity to add to the existing position at breakout/retest of C$1.462... Trade consciously!😊
Trading plan: BUY confirmation with a minimum potential profit of 400 pips.
Risk/Reward : 1:4
Potential Duration: 5 to 12 days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
NZDUSD | Perspective for the new week As the Russia-Ukraine headlines worsen the market mood, we witnessed rejections of the $0.67 area during last week trading session to impose a shadow of doubts on the potential of the Kiwi going into the new week. However, with current technical structures; I suspect that the acceptance of above the $0.6700 might give a sense of comfort to push the price higher in the coming weeks with $0.66500 serving as a baseline for the formation of a new trend.
Tendency: Uptrend (Bullish)
Structure: Supply & Demand | Trendline | Reversal pattern (Double Bottom)
Observation: i. For over a year now, the Kiwi has been on a downward spiral as it dropped 12.5% against the USD.
ii. If we look at the weekly chart, we will notice that price came back to a significant demand level around $0.655 late in January 2022 which was immediately followed by bullish momentum.
iii. Hence, I have projected a potential trendline (bullish) on the chart to guide us in taking advantage of a bullish momentum if it eventually happens in the coming week(s).
iv. A breakout/retest of the key level at $0.67500 should present an opportunity to add to our existing position.
v. Please note that the bullish trendline projected on the chart is serving as our yardstick as any break below will render the narrative invalid... Trade consciously!😊
Trading plan: BUY confirmation with a minimum potential profit of 200 pips.
Risk/Reward : 1:4
Potential Duration: 7 to 20 days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
GBPNZD | Perspective for the new weekThe GBPNZD pair seems to be on the edge of a cliff and it appears to be on the verge of tumbling down into 50 to 78.6% retracement in anticipation of a bullish trend continuation. How do we take advantage of this counter-trend opportunity without getting our fingers burnt?
Tendency: Downtrend (Bearish)
Structure: Supply & Demand | Trendline | Reversal pattern (Double Top)
Observation: i. Since November 2021, the Pound recorded approximately 9% growth against the Kiwi to set the tone for bullish momentum.
ii. The visual representation of a line drawn under pivot lows reveals the prevailing direction and speed of price action in the last 3 months.
iii. However, multiple rejections of N$2.05 since January 28th signals the possibility of price action transposing into a correction phase that might dip into 50 to 78.6% retracement before the rally continues.
iv. The multiple rejections at N$2.05 evolves into a double top look-alike which is an extremely bearish technical reversal pattern that forms after action tests a new high two consecutive times with a moderate decline between the two highs with confirmation of structure at a break below a support level at N$2.025.
iv. Coupled with the reversal pattern, we also witnessed a breakdown of the bullish trendline during last week trading session to give credibility to my bearish bias.
v. In this regard, below the key level at $N2.025 remains a comfortable area to take on a short position as I strongly anticipate a breakdown/retest of this level in the coming week(s)... Trade consciously!😊
Trading plan: SELL confirmation with a minimum potential profit of 500 pips.
Risk/Reward : 1:4
Potential Duration: 7 to 20 days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
AUDUSD | Perspective for the new weekThis will be my first long term perspective on this pair as I have waited a whole 2 months to identify a double bottom structure within a strong demand zone that has held price "supported" since July 2020! The strong memory for buying tendency at $0.7000 is a clue for an opportunity to buy the Aussie in the coming week(s). The Aussie advanced for a third consecutive week and is currently trading at around the $0.717 area - my key level, as lack of demand for the USD looms despite the dismal ruling mood.
Tendency: Uptrend (Bullish)
Structure: Supply & Demand | Trendline | Reversal pattern (Double Bottom)
Observation: i. From the weekly perspective, it is obvious that the Aussie has been on a decline (12.63% drop) since February last year.
ii. And the price is back to the $0.7 area two consecutive times (December 2021 and January 2022) resulting in the appearance of a double bottom structure in a zone that has a strong memory for buying power.
iii. The double bottom pattern is a technical analysis charting pattern that describes a potential change in trend and a momentum reversal from prior leading price action which has lasted for a whole year.
iv. Even as we await a confirmation which will happen if the price break above the resistance level which is the neckline at $0.72750; Above the key level at $0.71700 remains a comfortable area to take advantage of the bullish bias identified with an opportunity to add to our exiting position at a breakout/retest of the bearish trendline.
CAUTION: Considering the long term bearish momentum on this chart, it is advisable that we remain conscious with our positions as any break below the demand zone at $0.7 will negate the bullish narrative... Trade consciously!😊
Trading plan: BUY confirmation with a minimum potential profit of 350 pips.
Risk/Reward : 1:4
Potential Duration: 15 to 25days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
GBPJPY | Perspective for the new week | follow-up detailsThe price moved exactly 400pips in our direction since my last publication (see link below for reference purposes) to set the tone for bearish momentum. In the last week, and with the appearance of a double top pattern; the Pound appears to have found the crucial resistance at JY158 to incite a second downward spiral. The JY158 area already stopped buyers in October 2021 and January 2022. The JY157 area also stopped buyers during the course of last week trading session to signal a bearish momentum.
Tendency: Downtrend (Bearish)
Structure: Breakdown | Supply & Demand | Trendline | Reversal pattern (Double Bottom) | Descending Channel
Observation: i. Despite an overall bullish momentum on this pair (see weekly time frame); the JY157 area has been resisting price action since October 2021 to reveal a bearish tendency at this juncture in the market.
ii. Since testing the JY158 area on the 10th of February 2022, price action has continued to find lower highs which culminated in a breakdown of Key level (JY156.450) at the beginning of last week trading session.
iii. This development gave rise to multiple rejections of the JY157 area to make this area our new supply zone for future selling opportunities.
iv. It is important that we put into consideration that the multiple rejections of the JY157 area share a confluence with the bearish trendline that has been guiding price action since the 10th of February 2022.
v. In this regard, I shall be looking to take a sell position below the key level identified at JY156.450 with an opportunity to add to my existing position at a breakdown/retest of the JY155.450 area in the coming week(s).
vi. Mind you, the early hours/days of the new week might see a price climb to test our new supply zone around the JY157 area to incite further decline... Trade consciously!😊
Trading plan: SELL confirmation with a minimum potential profit of 200 pips.
Risk/Reward : 1:4
Potential Duration: 3 to 7days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Reversal in AUROPHARMAAfter the deep down and hitting it's Low at 595 point and taking support from there can help in Reversal of Stock.
Disclaimer:
I am not SEBI registered analyst
My studies are Educational purpose only don't trade on the basis of them.
Consult with your Financial advisor before trading or investing.
NSE:AUROPHARMA
A Reversal Signal!The candlestick pattern indicates a divergence signal where the direction of a price trend has changed, from going down to going up, with volume crosses over the MA20 line.
The RSI indicator indicates an uptrend with gain momentum towards indexes 30. Hence, confirming the price reversal towards the next price resistance.
MACD and OBV indicators indicate an early sign of divergence signal.
Let's save ARTRONIQ in WL and watch out for significant price movement with volume towards the next price resistance.
R 0.365
S 0.295
GOOGL: You must watch this KEY POINT closely!Hello traders and investors! Let’s see how GOOGL is doing today!
In the 1h chart, it is a clear bear trend, as it is doing lower highs/lows. However, we have a key point to watch from here: The dashed line at $ 2,754.
This line was a previous resistance before the Monster Gap after earnings, and when GOOGL lost its strength, it worked as a support for the price. This movement follows the Principle of Polarity in Technical Analysis. Yesterday this line was our resistance again, and this is why this is the most important key point to watch.
Only by breaking this line, we would see GOOGL turning bullish again. What’s even more curious, is that when we look at the daily chart, we see two more resistances at the same price of the dashed line in the 1h chart:
Coincidence or not, the 50% retracement, and the 21 ema are both near the $ 2,754 area, making it a powerful resistance, indeed.
As long as GOOGL remains under this key point, nothing new will happen. However, if it does break it, we might see the end of this bearish sentiment on GOOGL, and possibly even a buy sign.
I’ll watch GOOGL closely from now on, and I’ll keep you guys updated on it. So, remember to follow me to not miss any of my future analyses.
Possible Head and Shoulders on GBPJPY The price action of the GBPJPY could be developing a Head and Shoulders pattern following the release of the latest unemployment data in the UK .
A decisive breakdown below the neckline of the pattern at 155.370, which is underpinned by the 200-day MA (in orange), would confirm this.
The major target for such a new downtrend would be the previous swing low at 153.200
GBP/JPY YEN Triple or Double Top ReversalDouble / Triple Top Emerging Pattern
Bearish Reversal and Resistance 158.21
Target Neckline 152.8
Support and Resistance Levels
Daily Timeframe
XAU / USD 1829.13 - 0.16 % SHORT IDEA * REVERSAL & STRU. PTTNSHEY EVERYONE
HOPE EVERYONE IS DOING GOOD HAVING A GOOD ONE, AN IDEA ON THE GOLD METAL AFTER A SIGNIFICANT BULLISH RALLY TO RETEST THE ASCENDING CHANNEL & RESISTANE LEVEL $1,832.
* The METAL was trading in an ascending channel but seems the channel was consolidating in a bull flag/ DESCENDING CHANNEL as we awaited a BREAKING OUT OF THIS structure.
- Short term the METAL has currently Rallied with an up trend as WE break above on the 4h chart. hitting ( HH , HL )
- Looking for SHORT entries on the METAL this week should all the rules of the formation be met, the are multiple wick rejection at the supply zone which could signally slowing down or rather a change in momentum.
lets see how it goes
IF THIS IDEA ASSISTS IN ANY OR IF YOU LIKE THIS ONE
SMASH THAT LIKE BUTTON & LEAVE A COMMENT.
ALWAYS APPRECIATED
____________________________________________________________________________________________________________________
* Kindly follow your entry rules on entries & stops. |* Some of The idea's may be predictive yet are not financial advice or signals. | *Trading plans can change at anytime reactive to the market. | * Many stars must align with the plan before executing the trade, kindly follow your rules & RISK MANAGEMENT.
_____________________________________________________________________________________________________________________
| * ENTRY & SL -KINDLY FOLLOW YOUR RULES | * RISK-MANAGEMENT | *PERIOD - SWING TRADE
Beware False Breakouts! How To Spot Them...Investors should use basic Technical Analysis for powerful decision making. I see it as a challenge to demonstrate how useful knowledge of one simple pattern can be to identify price reversals. Recognizing this pattern and acting on it will save much money and headache!
Both traders and investors need to be on guard for false breakout reversals. Seeing this pattern in action can provide an excellent profit target, entry point, or prevent major drawdown!
In this video I look at examples in the Silver ETF AMEX:SLV , Spotify stock NYSE:SPOT , and Forex Euro/Dollar pair FX:EURUSD for false breakouts and what follows.
I am excited to make this video for my viewers and for Best of Us Investing!
SPX: Most important key points UPDATED.Hello traders and investors! The SPX is moving accordingly to the plan, but we have some new key points to work with.
It did a lower top, and it must break the purple trend line as soon as possible, in order to become truly bullish again, and to fill its previous gaps. We have two open gaps, and the one at 4652 is the target of this bullish structure.
Yes, the support at 4453 (blue line), is still our main key point, as if the index loses this line, it’ll cancel the bullish bias seen in the 1h chart. I’m not saying it would work as a bearish reversal, but it would weaken the bull trend for sure. What’s more, the 4453 coincides with the 38.2% retracement in the daily chart:
This point is truly important, and if the SPX is seeking higher levels, we must not lose this price level. Otherwise, we could drop all the way down to 4370 again (61.8% retracement).
For the short-term, let’s focus on the purple line in the 1h chart. If we break it, we’ll have decent chances of filling our gaps. I’ll keep you guys update on a daily basis.
Remember to follow me to not miss any of my future analysis!
Wanna identify reversals? This video shows how I do it :)The time is going to be coming soon when the market is going to go back to a bull market. But what if you could identify how to find those reversals yourself? In this video I go over how I use TA to find VERY important reversal and breakout zones. Enjoy
