SPX: Triggered a REVERSAL! What's the TARGET?
Hello traders and investors! Let’s see how the SPX is doing today! It is doing exactly what we were waiting for since my last post (link below).
Yesterday we triggered the reversal pattern we’ve been waiting for, by breaking the 3,979, now we are just seeking our next target at the 4,090 area, and the gap around 4,075 will probably help us here. Remember, gaps work as magnets.
Since it is a bull trend in the short-term, any pullback to the 21 ema or to the 3,979 again would be just an opportunity to buy. However, if it drops too much and loses the 3,900 it might ruin the bullish structure. Lets see how the daily chart is doing:
In the daily chart, we broke the purple trend line we’ve been mentioning, and as we discussed in our previous analyses, by breaking this line, the index is putting an end to the bearish bias in the daily chart. However, unlike in the 1h chart, the trend is not bullish yet!
In order to do a clear reversal, the index must break the 21 ema, and most important of all, break the 4,090 (red line). This will trigger a mid-term reversal pattern called Double Bottom chart pattern that could lead us to the 4,500 again.
As usual, there's a problem. I would just like to see a higher volume. This is not enough to ruin our bullish thesis, but it is something to keep in mind.
The index is finally bullish in the 1h chart, and this may trigger a reversal in the daily chart as well. Our next target is 4,090, for now. I do daily analyses on the SPX, so if you want to keep in touch with my thoughts, just remember to follow me to not miss any of my future analyses.
Yesterday we triggered the reversal pattern we’ve been waiting for, by breaking the 3,979, now we are just seeking our next target at the 4,090 area, and the gap around 4,075 will probably help us here. Remember, gaps work as magnets.
Since it is a bull trend in the short-term, any pullback to the 21 ema or to the 3,979 again would be just an opportunity to buy. However, if it drops too much and loses the 3,900 it might ruin the bullish structure. Lets see how the daily chart is doing:
In the daily chart, we broke the purple trend line we’ve been mentioning, and as we discussed in our previous analyses, by breaking this line, the index is putting an end to the bearish bias in the daily chart. However, unlike in the 1h chart, the trend is not bullish yet!
In order to do a clear reversal, the index must break the 21 ema, and most important of all, break the 4,090 (red line). This will trigger a mid-term reversal pattern called Double Bottom chart pattern that could lead us to the 4,500 again.
As usual, there's a problem. I would just like to see a higher volume. This is not enough to ruin our bullish thesis, but it is something to keep in mind.
The index is finally bullish in the 1h chart, and this may trigger a reversal in the daily chart as well. Our next target is 4,090, for now. I do daily analyses on the SPX, so if you want to keep in touch with my thoughts, just remember to follow me to not miss any of my future analyses.
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