S&P 500 Next week
Updated
In my opinion monday and tuesday will be important for the direction, bearish or bullish. Personally I am more on the bullside. 3 things can happen in my opinion:
1. We break the weekly 50 EMA and the 4590 level, if this will happen I will expect a retest of this level on tuesday. On the 30 min chart you can see an Elliot wave and it seems as we are in the 5th wave. For this wave to be valid it has to break the 4590 level followed by a consolidation pattern.
2. If we will not break this level or continue the Elliot wave I think we will have a retest of the weekly 50 EMA and 4290 level followed by brake through down 4220 with a retest on this level and a completion of the 5th Elliot wave, visible on the daily chart.
3. We will continue to consolidate between the 4590 and 4290 level.
For monday I will first wait, above 4590 I will be bullish, below 4430 I will be bearish. If it stays in between, I will be out for a long run.
Greets from Germany
1. We break the weekly 50 EMA and the 4590 level, if this will happen I will expect a retest of this level on tuesday. On the 30 min chart you can see an Elliot wave and it seems as we are in the 5th wave. For this wave to be valid it has to break the 4590 level followed by a consolidation pattern.
2. If we will not break this level or continue the Elliot wave I think we will have a retest of the weekly 50 EMA and 4290 level followed by brake through down 4220 with a retest on this level and a completion of the 5th Elliot wave, visible on the daily chart.
3. We will continue to consolidate between the 4590 and 4290 level.
For monday I will first wait, above 4590 I will be bullish, below 4430 I will be bearish. If it stays in between, I will be out for a long run.
Greets from Germany
Note
Seems like te Bears have won this week. Will make a new chart for next week. To bad I didn't stick to my own trading plan.
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