S&P 500 IndexLong
SPX HIGH @ 2753 HIGHS... CONSOLIDATION OR BREAKDOWN !!!
My previous post I had mentioned that exceeding 2640 then price would target T1=2690-2760... it is here now and probable consolidation as it is not done to the upside next price target= T2= 2840-2890
Analysis from 2182:
2182-2641-2431= 2896(100%) not there yet
price extension 2182-2641=2766(127%)= 2753
3138-2182= 2770 (62%) retracement,= 2753
3393-2182= 2786(50%) retracement, both the 50% & 62% retracement provide strong resistance for now, could prices break out above to test the upper resistance T2= 2840-2890 probable.
Analysis from 2431:
2431-2534=1/A,2534-2455=2/B,2455-2753=3/C(2455-2592=i,2592-2570=ii, 2570-2674=iii,2674-2630=iv, 2630-2753=v,)??
still requires a 4th and a 5th to complete if prices are to get to the upper price range T2= 2860-2890.
If 4TH WAVE THEN EXPECTED CONSOLIDATION OF BETWEEN 80 TO 100 pts= 2670-2650 for support.
however if a larger consolidation then expect prices to get to 2600 which is probable.
Analysis from 2182:
2182-2641-2431= 2896(100%) not there yet
price extension 2182-2641=2766(127%)= 2753
3138-2182= 2770 (62%) retracement,= 2753
3393-2182= 2786(50%) retracement, both the 50% & 62% retracement provide strong resistance for now, could prices break out above to test the upper resistance T2= 2840-2890 probable.
Analysis from 2431:
2431-2534=1/A,2534-2455=2/B,2455-2753=3/C(2455-2592=i,2592-2570=ii, 2570-2674=iii,2674-2630=iv, 2630-2753=v,)??
still requires a 4th and a 5th to complete if prices are to get to the upper price range T2= 2860-2890.
If 4TH WAVE THEN EXPECTED CONSOLIDATION OF BETWEEN 80 TO 100 pts= 2670-2650 for support.
however if a larger consolidation then expect prices to get to 2600 which is probable.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.