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Spy500

ES Daily Harmonic Elliott Wave AnalysisHi traders, Overview: lets review my yesterday update: "I am considering the same scenario: triangle as x of X. Leg (d) is near completion, what follows is leg (e) to the 3740 support zone. Then, we will have the rally as wave y of X." and "You can see that in both counts, we expect a pullback to at least 3800 area." Update: today's price action perfectly matched our expectation. Nice rejection at the downward trendline and then a powerful bearish move to the 3820 area. You can see the hourly count on the chart and what I expect to happen from this point moving forward.
CME_MINI:ES1!
by bamdadsalarieh
ES Daily Harmonic Elliott Wave AnalysisHi traders, Overview: In this weekend review, I am going through a summery of my thinking process and analysis since June 17th: June 17th: "I see us completing wave Y (second zigzag ) soon, most probably by end of today. What comes next is another wave X and then the third zigzag , Z to the actual market bottom." June 24th: "We can consider several different targets for this wave X such as 4170 range or 4300 range. For now, I am considering it as a zigzag development, but it can be developed in any kind of corrective structures." The reason that I was initially considering a zigzag formation for the current X wave was that the previous wave X (Jan 24-March 29) developed as a flat (sideways action). June 28th: "We started thinking that wave X is developing as a double or triple zigzag , which is still a valid point. However, the subwaves of this X wave developed in a different way than we anticipated." July 11th: "After careful consideration of structure, I am now considering a different scenario. I think wave x of X is still in process and not yet complete. It is developing as a triangle and its waves (a) and (b) have been completed. Please note that there are other scenarios possible, but this is the most probable one in my opinion." Update: I am considering the same scenario: triangle as x of X. Leg (d) is near completion, what follows is leg (e) to the 3740 support zone. Then, we will have the rally as wave y of X. Important Note: please remember the most important point is to catch the daily move in the right direction, while my general perspective has been generally accurate. Even if my triangle count is invalidated, the other possibility is that wave X is a flat. So, we are in leg c of flat right now, completing its wave 1, and then what follows is wave 2. You can see that in both counts, we expect a pullback to at least 3800 area.
CME_MINI:ES1!
by bamdadsalarieh
(SPY) Triple Top FormingThe SPY chart is forming a beautiful triple top pattern, and with the up coming FED rate hike and (-) Q2 GDP data confirming a technical recession releasing July 28th. I believe that the triple top will be completed around the 29th of this month, and the SPY will drop to the bottom of the overall trend line at around $360. Also in this chart you can see that the SPY has strong resistance at the $390 price range and rejects hard back to support roughly at $370. Let me know what you guys think in the comments.
AMEX:SPYShort
by markriah22
2
SPY breakout attempt Number 1Breakout attempts can happen without any triggers but when a trigger appears and coincides with market bottom, then there is an agreement and slight trading conviction that may be worth considering into the last half of the year. There is a daily wolfe wave setup that triggered on June 21 closing day at 3767.75. The projected target is calculated by extending a linear line between pivot 1 and 4 and projecting the line. This is represented as the green perforated line, as shown in the chart. The projected target is 4332 which is expected to reach this price target before Sept 30. Projected targets are defined by identifying the apex of the wolfe wave and projecting a vertical line toward the green perforated projection tgt which is extending from left to right.
CME_MINI:ES1!Long
by TOSOPTION
ES Daily Harmonic Elliott Wave AnalysisHi traders, Overview: if you followed my previous updates, you know that we are considering the whole 2022 correction as a triple zigzag (WXYXZ), where waves W, X and Y has been completed and we are in second wave X at the moment. Further, since the first X wave was developed as a flat, we expected this wave X to develop as some form of a zigzag. Up to this morning, I was expecting wave X as a double zigzag (wxy) with w and x being complete and a of y near completion. However, today's price action invalidated this count. Update: after careful consideration of structure, I am now considering a different scenario. I think wave x of X is still in process and not yet complete. It is developing as a triangle and its waves (a) and (b) have been completed. Please note that there are other scenarios possible, but this is the most probable one in my opinion.
CME_MINI:ES1!
by bamdadsalarieh
ES Daily Harmonic Elliott Wave AnalysisHi traders, Overview: its been a while that the price action has matched our expectations perfectly. As usual, lets review our expectation on July 7th update: "I see us in III of (a) of y of X. Potential targets for this wave: 3940-3950." Update: I see wave III of (a) of y of X complete and it fell a bit short of the target I set (3922 actual vs 3940 expected). Right now, we are in the process of wave IV and based on wave II (deep double zigzag), it is expected to be a shallow flat (or triangle). Potential targets for this wave IV can be 3870-3880. For now, it is too early to come up with potential targets for wave V of (a), but I am expecting the 3950-3960 range.
CME_MINI:ES1!
by bamdadsalarieh
Its another 10% down to test the Pre-COVID market highLong term trend (weekly view) shows 2 previous market "resets" result in an approx. 50% drop in the S&P500 . Tech bubble popping in 2000 and Financial Crisis in 2008. So far, this latest downturn is 20% off its high. Its another 10% down from here to retest the high in Feb 2020 just before COVID-19 hit the US. That would bring the S&P500 back into the longer-term trended that started after the financial crisis. I'm bullish near-term (next few weeks) as a bounce is likely and we're at some nice round number support/resistance levels that traders will play with (3900 - 4200). However, the downtrend is likely to resume if the next few quarterly results seasons show a slowing of the economy and Fed keeps raising rates adding downward pressure to those results.
FX:SPX500
by canuk101
Bristol-Myers Squibb: The Beginning of a CorrectionGood evening. Fundamental analysis of the company was published in Seeking Alpha. I expect Bristol-Myers Squibb shares to correct in the $68-$69 per share range. Disclosure: This article may not take into account all the risks and catalysts of the assets described in it. Any part of this analytical article is provided for informational purposes only, does not constitute an individual investment recommendation, investment idea, advice, offer to buy or sell securities, or other financial instruments. The completeness and accuracy of the information in the analytical article are not guaranteed. If any fundamental/technical criteria or events change in the future, I do not assume any obligation to update this article.
NYSE:BMYShort
by NathanLive
1
$SPX - How low can it go?? $SPYLooking back at all the bear markets in the US, the average drawdown is around ~33%, or roughly a third of the gains from the most recent cycle/run up. If we're to assume that the current bear market may be around that average, then we're looking at the 3450-ish level which we are approaching quite fast and furiously. There's also moving average support here so it may come to where we find support here a while, get some traction and start to grind higher and avoid a recession. If you're thinking and feeling like this is more along the lines of the financial crisis and the dot com bubble, or even the great depression, where we gave back around 50% and higher of gains, then we're looking at 2100 leve on the SPX. This would represent 50% drawdown of the gains we had since the bottom of the financial crisis to the highs of 21-22. What do i think? Well, i think the 3400-3500 level will be an area where the market will try to take a stand against the bears and perhaps move and consolidate sideways for a bit while it figures out the many factors that are moving the markets today. Perhaps the Fed will build and stablize the confidence of the markets to ease inflation and avoid a hard(-er) landing; perhaps the pandemic and the global supply chain issues will ease, and the geopolitical threats in Ukraine and a potential one in China-Taiwan will subside or never be realized, and a global recession will be a small one. If so i think then there's a chance that the markets will move higher from this support level and test some resistence levels it's sliced through and gain back the confidence of the markets to move higher. On the other hand, none of these things improve but worsen, and even worse yet, couple of exogenous events are added to the mix to panic the markets and send us below and toward that 50% mark. Perhaps there's a bank failure in China, or Bitcoin craps out completely. Perhaps China DOES make a move on Taiwan, or the pandemic takes a turn for the worse with a new variant, or politics in the US takes a violent turn for the country and even though the Fed is raising rates, inflation continues to grow and gets out of hand in to double digits. Who knows. The we have to think that not only will we be testing the 2100 level, but perhaps the highs of 2000 and 2008, even. Then we're looking at a full blown DEPRESSION, not a full blown recession. How far that rabbit hole goes... nobody knows... Good luck everyone.
SP:SPXShort
by grenadetrade