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SPx (Affect of GDP...)Technical analysis of SPx The price dropped from its resistance line at 5320 and is now consolidating between 5266 and 5226. Today, we anticipate significant market volatility with the GDP results expected at 1.2%. The price will likely touch 5266 before dropping towards 5226. If the price stabilizes below 5226, it will support a further decline towards 5192, entering a bearish territory. Conversely, breaking above 5266 will support a rise towards 5300 and 5320. Pivot Line: 5266 Resistance Levels: 5285, 5305, 5325 Support Levels: 5226, 5193, 5160 Today’s expected trading range is between the support at 5192 and the resistance at 5266. previous idea:
OANDA:SPX500USD
by SroshMayi
ES - S&P 500 - Profit P5 Is CommingWonderful how the Count 0-5 works out. At P4, price should reach the U-MLH. But instead it turned south, leaving a void up to the U-MLH, which in a Pitchfork-Trader term is a "Hagopian". The Rule Of Dr. Hagopian: Price will move more in the opposite direction than from where it came. In this case, price came from the CL (Centerline). And therefore price moves beyond the CL, which it did. Another beauty how the rules of a Pitchfork-Trader work. It's just great to know that they work with a super high probability. Not everytime, but more than enough to print $ §8-) OK, now what? Well, when price went below the CL again, it zoomed through. After a Zoom we expect a pullback. And it did. Another rule that worked out. After the pullback, price got rejected. And there it lies in front of us, the final target P5. This P5 of course can be much lower than in this screenshot projects it. However, after price reaches P5, prepare for P0 (zero). P0 again? Yep! After a P5 the full Swing/Pivot process has played out, and we start from new, just in the opposite direction. It's kinda printing money like the FED - just without lying and megalomania (also known as delusion). I hope this makes you curious to trade with Pitchforks. They're just a tool. But when used in the right context of your trading, they will be PLATIN for your profits... and nerves too §8-) Stay save out there. #ILoveThesePitchforksLikeSwissCheese
CME_MINI:MES1!Short
by Tr8dingN3rd