SP500 WEEKLY GANN LEVELS CHART 23/01/2024 EOD

24 Oca

SP500 weekly Gann levels have worked beautifully till now. 75% level was 4695.83 worked as weekly support with one week against the trend which was up. Recent weekly low was 4682.11. Note 18 Dec 2023 low was 4697.82 above which were back in the game for further upside. Again the level of 75% was or guide to go long at 4695.83. Above this level we had a target of 4794.51 next Gann level with recent swing high as our guide at 4751.99. We cleared it in the weekly after hitting high of 4802.40. The level of 4794.51 is the price death zone so profit booking was expected at it. We retraced down to make low of 4714.82. Note that this was third weekly higher low of the crrent trend which is a strong buying point as per W. D. Gann Theory. Traders were rewarded with new all time highs if they were buyers at this level. Next target see on chart was 4843.84 which was achieved with high of 4842.07(miss of 2 points against Gann's Lost Motion of 3 points). We got contination of trend with a gap this week at 4853.42. Now note the low of this week candle which is 4844.05 near or level of 4843.84 ( a miss of 0.21 points). New all time high of 4868.41 with highest all time close on index at 4864.40. Or nrxt Target to watch on chart 4893.18 near an important level of 4900 in Gann Theory. It wold be interesting to watch the index behaviour at this level. Let the trend be your guide.
Happy Trading !!!