S&P 500 (SPX) | The best scenario for climbingđź“ť
Hello traders, S&P 500 in daily timeframe , this analysis has been prepared in daily timeframe but has been published for a better view in 2 day timeframe.
In this index, the main waves 1, 2 and 3 are formed and wave 4 has started its corrective movement by breaking the line.
Wave 4 is initially its trend and it is not possible to say what structure is formed.
Compared to the main wave 2, it will have a deep and long process.
Given its current motion, we considered several ranges to determine the type of correction.
If the black trend line, the red circle, is broken down, wave a is probably made up of zigzags and then a sideways trend is formed for wave b (so this structure is zigzag).
But if there is a correction and an ascent and then a sideways trend and finally a re-ascent, it can be said that it was a triangle correction.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️
In this index, the main waves 1, 2 and 3 are formed and wave 4 has started its corrective movement by breaking the line.
Wave 4 is initially its trend and it is not possible to say what structure is formed.
Compared to the main wave 2, it will have a deep and long process.
Given its current motion, we considered several ranges to determine the type of correction.
If the black trend line, the red circle, is broken down, wave a is probably made up of zigzags and then a sideways trend is formed for wave b (so this structure is zigzag).
But if there is a correction and an ascent and then a sideways trend and finally a re-ascent, it can be said that it was a triangle correction.
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️
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.