Hellena | SPX500 (4H): Long to resistance area 6117 (Wave “3”).

Nov 8

Dear Colleagues, I believe that price will still make new highs. I expect that the wave “5” of the middle order is not yet complete.
Perhaps the price will test the 50% Fibonacci level of 5847 and then start an upward movement to the resistance area of 6117 (Wave “3”).
This correction may not happen, then it would mean that the price continued the wave “3”.

Manage your capital correctly and competently! Only enter trades based on reliable patterns!

Nov 11

Note

Friends, price is low-volatility for now, but I still don't deny a correction before the upward movement starts. The 50% Fibonacci area looks attractive for taking long positions!
It is the beginning of the trading week, but I am sure that very soon the plan of action will be clearer than before.

Nov 13

Note

Colleagues, I expect the price to still drop a bit more somewhere around the 5920-5900 level.
Of course if you entered in a more risky way, you have the opportunity to enter another long position.

Nov 18

Trade active

Dear colleagues: The price has reached the support area of the 50% Fibonacci level. I expect that from this point only long positions can be considered.

Nov 25

Note

Colleagues, the price is moving in an upward movement and has already passed the halfway point. Very soon the price will hit the local high of 6028. In any case, the position is quite risky.
I recommend to set trade to breakeven.
(Breakeven=Risk Free: Move Stop loss to the entry level).

Nov 27

Note

The price is updating the nearest high of 6030 and this means that from now on I recommend to either close some positions or to set trade to breakeven.
(Breakeven=Risk Free: Move Stop loss to the entry level).

Dec 2

Note

Colleagues, wave “5” will soon end its upward movement. I assume that this trading week the price will reach the level of 6117, then I will consider only short positions, but it is too early to talk about it.

Dec 4

Note

At this point, I am almost certain that the price will reach the target. There is not much left. wave “5” is almost complete.
I recommend to either close some positions or to set trade to breakeven.
(Breakeven=Risk Free: Move Stop loss to the entry level).

Dec 6

Trade closed: target reached

Well done!