Mono87

Mono87

Where will the SP500 get to? Below is the potential next price using confluence factors. 1) Fundamental fair value of the SP500 is around 6057 (@19/09/24) 2) Round number 6000 3) Fib extension 1.618 from previous rally 4) Equal measured move from previous rally Looking for price to retest the weekly support (previous resistance) at 5670 before rallying to the upside.

Mono87

- Price in a trend and in the pull back phase. - Price pulled back to a level of previous support on the 4H. - Price pulled back past the 20/50 EMA zone. - Price tagged the 618 retracement from the previous low - Powerful reversal candle on the 4H (low test candle)

Mono87

Intraday long to the previous highs. Touched a horizontal and diagonal support line.

Mono87

Confluence area as before: ABCD completion 0.5 round number 1.618 fib extension RSI divergence High test candle on the 4 hour chart

Mono87

Price reaching some confluence for a potential pullback: ABCD pattern near completion RSI overbought Fib extension 1.618 Round number 4950

Mono87 Updated 

Weekly = bearish bias still Daily = At the ABCD completion and tagged the 1.618 fib extension. Looking for a move back to the downside to the previous pullback zone. Tweezer tops at the high, failed to make a new high.

Mono87

Daily = At an ABCD completion level and strong level of resistance from previous highs. Some confluence with fib extension ratios. 4H = Over bought on the RSI. Hourly = High test candle rejecting at the level, looking to short down to previous structure level on the daily.

Mono87

SP500 paper trade. Weekly bearish so this is going against the marco trend somewhat. Daily now in an upward trend and back into the kill zone on a pull back. 4H, 3 bar reversal signal and tagged the 618 retracement. Looking for move back up to the previous high. Could be a risky one with FOMC later. Interesting to see how it plays out.

Mono87

Weekly bias = still bearish Daily bias = established an uptrend, looking for price to hit previous highs. Price pulled back into the kill zone. Waiting for price action to give a signal on the daily or down on the 4 hour. Quite a risky trade given FOMC is later.

Mono87

Weekly: In the extension phase of a trend to the downside. Daily: A narrowing channel/range forming signifying a storage of energy to be released in one direction (assumed to be downside given the weekly bias). Market potentially waiting for the NFP before the next move. Target would be the previous low which coincides with the fib extension 1.618 from the last...