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SPX broke the trend line with a gap. Time to sell rallies?Since April, the SPX has risen around 15%, and since November's low, it has increased by almost 40%. This is quite significant for such an index, making us wonder if this rise is fundamentally justified (in my opinion, it is not). But, as they say, "trade what you see, not what you think". What we saw was a strong upward move. However, keeping this expression in mind, we also observed a breakdown with a gap yesterday, which was not filled during the day, indicating a "gap and run." My preferred strategy for the index is to sell on eventual rallies above 5500, with a target at 5250. This strategy would be negated by a new all-time high (ATH).
SP:SPXShort
by Mihai_Iacob
8
EurAud- Important break could lead to 1k pips riseAfter a recent dip to the 1.6 zone and a period of consolidation, the EUR/AUD has reversed strongly over the past two weeks, leading to a significant breakout. As shown in the chart, following an initial upward movement lasting about a year, the pair corrected and consolidated within a falling wedge pattern for another year. Currently, we see a clear breakout above the falling wedge's resistance, which could lead to a rise of approximately 1,000 pips in the medium to long term. Swing and positional traders might consider buying on any dips around 1.64, aiming for a target of 1.75, while keeping the interim resistance and falling wadge's target at 1.7 in mind.
Long
by Mihai_Iacob
Injective- Good buy for 50% riseBack in winter, when everyone was super bullish and the hype around some coins, particularly INJ, was incredible, I predicted that the coin could drop to 20. Indeed, since then, INJ/USDT has dipped into that zone several times and even fell below 20 recently. Although I don't see INJ reaching 100 or achieving the lofty multipliers that some people dream of when trading crypto, I believe this is a good opportunity for a buy trade with a potential 50% gain. Technically, the 20 zone is now a very strong support level and also coincides with an old congestion zone, which should provide additional support. In conclusion, I'm looking to buy around 20, and by setting a stop loss just below the recent spike down, a risk-to-reward ratio of more than 1:2 could be achieved with this trade.
Long
by Mihai_Iacob
9
EurUsd- Rise to 1.11 this summerRecently, EUR/USD found support and formed a strong base just below the familiar 1.07 level. The pair began to rise and has been in a consolidation phase since Friday's Non-Farm Payroll (NFP) report. However, the pair is currently testing Friday's high, and a breakout seems imminent. If this occurs, we could see an acceleration to the upside, with my medium-term target at 1.11. Interim resistance is at 1.1, and to be honest, the highs from mid-May to early June are not expected to pose much trouble for the bulls and should be broken easily.
Long
by Mihai_Iacob
1