S&P500 up then down
Updated
In my previous analysis I outlined 2 possible outcomes of the rising wedge:
S&P500 took the (in my view) less probable scenario - the final throw-over which lifted the price to the major downtrendline (red). There the price has been rejected, broke both rising wedge edges and then formed H&S (target being around 3900). Neckline has been broken extremely hard last friday and I think price is going to test the orange downtrendline before next leg down (as shown by the blue projection). Let me know your thoughts.
As crypto market is highly correlated to stonks you can expect similar price action in crypto as well (if I'm right 😉).
Check my other stuff in related ideas.
Please boost🚀, comment🗣️, follow me✒️, enjoy📺!
⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
S&P500 took the (in my view) less probable scenario - the final throw-over which lifted the price to the major downtrendline (red). There the price has been rejected, broke both rising wedge edges and then formed H&S (target being around 3900). Neckline has been broken extremely hard last friday and I think price is going to test the orange downtrendline before next leg down (as shown by the blue projection). Let me know your thoughts.
As crypto market is highly correlated to stonks you can expect similar price action in crypto as well (if I'm right 😉).
Check my other stuff in related ideas.
Please boost🚀, comment🗣️, follow me✒️, enjoy📺!
⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
Trade closed: target reached
So price went straight down to the target.🎯 That was quick. Bounce up expected...Note
As expected it bounced off the target ... and really hard. Then it went straight up to the neckline and now right below the resistance zone 4140-4200.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.