S&P 500 IndexUpdated SPX - the bullish alternative
I've updated my idea based on what the RSI and BBands are telling me. Chances are one more move down comes but then we should expect a bounce and it may be quite long - even test the highs if not get higher. There's a lot of problems I'm seeing with the bearish "crash" scenario, so this video explains that as best I can in under 12 minutes.
Good luck!
Good luck!
Note
if we get another low, watch for the small gap on SPX as a possible target. Note
Good morning, premarket has already hit the target area. It's possible it moves down from here or a little higher. Note
larger structure, the 4hr rsi already sufficiently reset to come down again. Note
channel may test the upper boundary, worth a wait. Note
channel still holds with a depressed 15 minute rsi Note
on a micro it looks like a 5 wave structure, watch any bounce and see if it sells and breaks the channel. Note
channel break after bounce Note
be careful, here's another way to draw the channel - and the rsi on small time frames is very low. This may just be a B of an ABC with C up next. Note
Q's gap fill - usually a support Note
ok it's starting to look like this - as I said 4th waves are notoriously chaoppy, so if you trade it, take profits when you get them. This looks best rsi and time-wise.... Note
"choppy"Note
still looks correct. I'm busy rest of the day. WIll update this evening. Have a good day. Note
quick update. nope I was wrong, this is wave 5 down. Support here should be expected but early next week this 5th should be finished. RSI was confusing me, but mid time frames can come down much more. Bounce should be sold by the participants. Note
we ended the day friday with a little pump, so far it looks like this for wave 5 (if that's what it is)
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.