EPISODE 6/11: US MATERIALS- WAVE 5 RANGE+CYCLE ANALYSIS (XLB TA)
Updated
Episode 6/11: US (SPX) Sectors Technical Analysis Series - 17th of July 2019
Brief Explanation of the chart:
Wave Extension 1.618 target reached 64.34 (based on length of drop from 2009). Sin lines represent the stages of the cycle(it can't always overlap perfectly). Current bullish channel recovery since the drop that happened at the end of 2018 seems weak. This is in comparison to other sectors.
Based on the assumption that Trump wins 2020 and/or US/China Trade deal goes through=> I have labelled the ranges of potential wave 5 extension. There are 2 primary targets: 70$ and 75$. Otherwise, there aren't many indications that the current top at 64.4 would be broken.
This is just a brief "free" and very detailed analysis. Perhaps in the future I might form a premium group, to whose members I will provide all the details of my research.
>>I do not share my ideas for the likes or the views. This channel is only dedicated to well informed research and other noteworthy and interesting market stories.>>
However, if you'd like to support me and learn more in the greatest of details, every thumbs up or follow is greatly appreciated!
-Step_Ahead_ofthemarket-
Check my Previous episodes on the US Sectors:
EPISODE 5: US INDUSTRIALS (XLI):
EPISODE 4: Health Care( XLV ):
Full Disclosure: This is just an opinion, you decide what to do with your own money. For any further references- contact me.
Brief Explanation of the chart:
Wave Extension 1.618 target reached 64.34 (based on length of drop from 2009). Sin lines represent the stages of the cycle(it can't always overlap perfectly). Current bullish channel recovery since the drop that happened at the end of 2018 seems weak. This is in comparison to other sectors.
Based on the assumption that Trump wins 2020 and/or US/China Trade deal goes through=> I have labelled the ranges of potential wave 5 extension. There are 2 primary targets: 70$ and 75$. Otherwise, there aren't many indications that the current top at 64.4 would be broken.
This is just a brief "free" and very detailed analysis. Perhaps in the future I might form a premium group, to whose members I will provide all the details of my research.
>>I do not share my ideas for the likes or the views. This channel is only dedicated to well informed research and other noteworthy and interesting market stories.>>
However, if you'd like to support me and learn more in the greatest of details, every thumbs up or follow is greatly appreciated!
-Step_Ahead_ofthemarket-
Check my Previous episodes on the US Sectors:
EPISODE 5: US INDUSTRIALS (XLI):
EPISODE 4: Health Care( XLV ):
Full Disclosure: This is just an opinion, you decide what to do with your own money. For any further references- contact me.
Note
Monthly RSI showing some signs of potential bullish strength based on the angles. However, the RSI Support is in the range of 35-40, that can't be considered strongly bullish.
Note
I always find Quarterly charts to be the most significant. Here the supports/res are labeled a bit differently than the Monthly chart.
The Purple- 50 Quarters MA, is the current bullish support. Red and Blue support squares would be the targets in case a recession occurs.
Happy Trading! -Step_Ahead_ofthemarket-
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