I've identified a potential bullish Wolfe Wave pattern forming on the 4-hour chart of SPX6900/USDT. Wolfe Waves are 5-wave patterns that can signal potential reversals. This particular formation suggests a possible bullish reversal after a recent pullback.
Wave Structure:
Wave X-A: Initial impulsive move up.
Wave A-B: Corrective move down (1.618 Fib extension of X-A).
Wave B-C: Impulsive move up (0.618 Fib retracement of A-B).
Wave C-D: Corrective move down (1.272 Fib extension of A-B).
Wave D-E (Potential): Projected impulsive move up, completing the Wolfe Wave.
Indicators Used:
Wolfe Wave: Primary pattern identification.
Fibonacci Extensions: Used to identify potential entry and target levels.
SMA (120): Used to identify the overall trend.
SAR (0.02, 0.2): Used to identify potential trend reversals.
Disclaimer:
This is not financial advice. This analysis is for educational purposes only. Trading involves risk, and you could lose money. Always do your own research and consult with a qualified financial advisor before making any trading decisions.
Wave Structure:
Wave X-A: Initial impulsive move up.
Wave A-B: Corrective move down (1.618 Fib extension of X-A).
Wave B-C: Impulsive move up (0.618 Fib retracement of A-B).
Wave C-D: Corrective move down (1.272 Fib extension of A-B).
Wave D-E (Potential): Projected impulsive move up, completing the Wolfe Wave.
Indicators Used:
Wolfe Wave: Primary pattern identification.
Fibonacci Extensions: Used to identify potential entry and target levels.
SMA (120): Used to identify the overall trend.
SAR (0.02, 0.2): Used to identify potential trend reversals.
Disclaimer:
This is not financial advice. This analysis is for educational purposes only. Trading involves risk, and you could lose money. Always do your own research and consult with a qualified financial advisor before making any trading decisions.
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.
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.