We're currently within a huge consolidation channel, currently about to be marked by the two trend-lines.
According to trend analysis and Elliot wave theory, it would be expected to fill the demand zone in order to test trendline at 12k. Then, with covid cases rising again, SP500 being on the verge of new sell-off and Dollar Index ready to sink markedly, it will be most interesting to see whether the trend-line will be crossed right away or we'll witness a pull-back...
Just coming into the apex of the triangle...
A short-term (1H TF) trading set-up for an account size 10k and risk 8% (potential profit 1/3 account size within few days - and yet quite low risk given the accuracy of past TAs).
With the summer ending and covid19 cases reaching new highs again, we might see an another huge sell-off soon.
Publishing an old analysis I've just found from 2W ago :)
It's kinda mess of late, but this makes a sense from technical point of view the most.
I speculate here on formation of EW triangle and repetition of previous fractal. RSI 4H and 1D is getting downwards momentum though, so we might see a pull-back as far as to .786 to form a trend-line of the 1st degree - but at least .382 is expected before continuing up.
I follow here a formation of (abc) correction, whereas we've just finished wave (b) and are heading for wave (c).
I speculate here on a formation of a EW triangle (also know as a bullish flag), whereas as see a formation of wave (a).
I follow here 5w impulse into the marked zone.
This is the most bearish scenario, assuming a minimal pull-back to .382
We reached TP1 as due to previous analysis and now will see which other direction will SPX take.