SPX500 - bullish Adsorption or minor sign of strength
Updated
The Weis-methods shows clearly that the ice is tested for a following up-move.
-first lines converged
-strong down movement cutting the chanel
-a strong spring acoured and brought the price to the highest point and through the strong midpoint like a hot knife cutting butter
-actually the midpoint is tested very strong
-reaccumulation needed
Comment
After the cutting of 4 resistance lines an upmove occurred so that a bullish and less aggressive entry is possible. The target can be calculated using Point and figure methods on the daily time line, because this m30 is "only" used to zoom into it. My aim was to show you the art of drawing the lines and looking for duration in high areas / low areas as the new buying / selling volume.
Comment
for those of you, who are new: keep always an eye on the new Dow Theory, so check if only SPX500 has a new high or if also the nasdaq has a new high. the second is not the case, so the highs in the spx500 are very strong highs !!! we have to close above this level to be securely long term bullish
Comment
-the waves went up without without expansion or contraction-the last move was a bullish expansion
-the second wave up was even longer and stronger in volume
-the double-top is gone, bullish side more in favour
there are 2 ways to move up, i would say it will be the lower one, there sits the volume
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good luck for all of you <3Comment
side note: I am tradnig from germany (hamburg) and actually i am looking for a "Mastermind Alliance" of 3 to 5 people for trading ideas. If someone is interested we can start a group for wyckoff-weis-trading-style, etc.Comment
upside target and trading range
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SPX has still "resistance" because the big money flows into IEF right now.
SPX will follow (often) days to 2 weeks after that.
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will the bullish move for the start of the bull run come today? i think so
maybe it will be too much volume and just go up or it will test the last few days.
I would vote for the first version, because the vola is quite high.
M1 after FED meeting and interest rate decission
Comment
it just undercut one support from today morning and went easy upward (spring like)
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