At the moment I am tracking a massive ending diagonal pattern for SPX that started Back in March 2020 after covid crash. The recent correction looks very oversold, and a bounce is due if not already started. I am looking at weekly RSI reading to get some resistance at 50 level if this is a dead cat bounce. Looking left, every time RSI fell around 40 level, it got resistance at 50 level and fell back down again, and price created a lower low. The price needs to get above 6000 to get confidence back to make another high. The resistance should come in at around 5900-5950 area. If it rejects, then probability of primary wave 4 will increase greatly and price could fall around 4800 in the second half of the year.
If price can break through resistance and move up higher, then wave 3 will continue one more leg and the count will get updated to WXY with the last leg to complete the wave before the bigger correction. At the moment, staying cautiously long in spy to at least catch the b wave.
If price can break through resistance and move up higher, then wave 3 will continue one more leg and the count will get updated to WXY with the last leg to complete the wave before the bigger correction. At the moment, staying cautiously long in spy to at least catch the b wave.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.