Updated
S&P500: Pullback before a probable 200 points drop?
This might be part of news play or is it?
So, there's 2 scenarios that this can play out.
1. Market is going to rally to 4450 area, and then drop the 200 points
*White 12345 = Daily impulse.
Yellow 12345 + Green ABC = 4H complete cycle. Supply & Demand Zones as reversal areas.
OR
2) Market continues to rally up past 4500, signaling trend continuation
**Red ABC = Daily retracement
Blue 12345 = Wave 1 on Daily/ Impulse wave on 4H
Crucial juncture is how the market reacts when it reaches 4450.
If it goes side ways, then scenario 2 will most likely play out.
If there's a selloff, then scenario 1.
As for the rest of today, let's continue to buy :)
Disclaimer: I'm not giving any trading and investing advice. I'm just sharing my chart observations.
If you have any symbols that you'd like me to analyze, feel free to drop me a comment.
So, there's 2 scenarios that this can play out.
1. Market is going to rally to 4450 area, and then drop the 200 points
*White 12345 = Daily impulse.
Yellow 12345 + Green ABC = 4H complete cycle. Supply & Demand Zones as reversal areas.
OR
2) Market continues to rally up past 4500, signaling trend continuation
**Red ABC = Daily retracement
Blue 12345 = Wave 1 on Daily/ Impulse wave on 4H
Crucial juncture is how the market reacts when it reaches 4450.
If it goes side ways, then scenario 2 will most likely play out.
If there's a selloff, then scenario 1.
As for the rest of today, let's continue to buy :)
Disclaimer: I'm not giving any trading and investing advice. I'm just sharing my chart observations.
If you have any symbols that you'd like me to analyze, feel free to drop me a comment.
Note
The bulls are strong here!Looks like scenario 2 is playing out!
Note
We should be seeing strong buying coming from the Europeans and Americans today.If so, then we will see a completion of Wave 1 on the Daily.
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.