S&P 500 Equal Weight ETF (RSP) ~ December 4H SwingAMEX:RSP chart analysis/mapping.
RSP ETF rally representing S&P market breadth - offering legitimacy to overall market strength & further indication of healthy stock rotation, instead of "Magnificent 7" concentration.
Trading scenarios:
Continuation rally #1 = ascending trend-line (white) / descending trend-line (light blue) confluence zone.
Continuation rally #2 = multiple gap fills / 78.6% confluence zone.
Shallow pullback #1 = 61.8% Fib / ascending trend-line (green dashed).
Shallow pullback #2 = gap fill / 50% Fib / 200MA confluence zone.
Deeper pullback #1 = gap fill / 38.2% Fib confluence zone.
Capitulation #1 = descending trend-line (white) / gap fill / ascending trend-line (light blue) / 23.6% Fib confluence zone.
