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SP500 WEEKLY GANN LEVELS CHART 23/01/2024 EODSP500 weekly Gann levels have worked beautifully till now. 75% level was 4695.83 worked as weekly support with one week against the trend which was up. Recent weekly low was 4682.11. Note 18 Dec 2023 low was 4697.82 above which were back in the game for further upside. Again the level of 75% was or guide to go long at 4695.83. Above this level we had a target of 4794.51 next Gann level with recent swing high as our guide at 4751.99. We cleared it in the weekly after hitting high of 4802.40. The level of 4794.51 is the price death zone so profit booking was expected at it. We retraced down to make low of 4714.82. Note that this was third weekly higher low of the crrent trend which is a strong buying point as per W. D. Gann Theory. Traders were rewarded with new all time highs if they were buyers at this level. Next target see on chart was 4843.84 which was achieved with high of 4842.07(miss of 2 points against Gann's Lost Motion of 3 points). We got contination of trend with a gap this week at 4853.42. Now note the low of this week candle which is 4844.05 near or level of 4843.84 ( a miss of 0.21 points). New all time high of 4868.41 with highest all time close on index at 4864.40. Or nrxt Target to watch on chart 4893.18 near an important level of 4900 in Gann Theory. It wold be interesting to watch the index behaviour at this level. Let the trend be your guide.
Happy Trading !!!
SP500 INDEX FORMING BEARISH SHARK SP500 index moved rapidly upwards now it need correction and same time we can observe proper double top and bearish shark is forming and RSI also over bought region which indicates next month we can expect some bleeding till November it may also continue if FED increase interest rates becoz of inflation.
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SP500 Big short oportunityKeep the eyes open for next week.
US500
Weekly chart closed with an hanging man pattern at the end of a wedge pattern indicating a strong weakness of the price.
When looking at the H4 chart we see an Head and Shoulder pattern set up with the top of the right should formed with a potential double top.
Next steps:
- Wait for double top confirmation on the on the 15min / 30min chart to to scalp short the right should of the H&S formation
- If we see a H&S breakout we are going long short with huge returns.
Times up sp500SP500 is getting very near to close below the kumo on a daily time frame. With a bearish kumo twist already in place for day now a close below the cloud will be an ideal sell setup fot the bears.
Nov 1st 2020 was the last time a candle closed below the cloud and the price was at 3400.
SP500 Index- Nifty / Stock-ITC/Hindalco/Auropharma- Weekly CheckDisclaimer
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SP500 Index - A possible top close to 3200 levels - Reasons for Top or Halting close to 3200
Wave Y = 61.8% of Wave -W
Middle Line of Parallel Channel is close to 3200 levels
Support / Hero turning their roles into Resistance / Villain - Polarity Reversal Concept close to 3200 levels
Index- Nifty
Nifty May Halt with Double Top at 10175 / Below 10175 for 10050 / Below 10050 for 9950 / More below 9950
Stock -ITC
Sell Below below 200 (strictly) for 195-196 / Below 195 for 190 / Below 190 for 185-186
Stock - Hindalco
Selling below 150-151 (Strict Stops above 151) Target -148 / 145.50 / 143 / 138 / 130-132
Stock - Auropharma
Selling next below 721 for Target 700 & Below 700 for 650-660 zone
VIX SP500: BAT and SHARK possibleVIX SP500: BAT and SHARK possible
possibility of a harmonic figure "shark" and "bat" which would bring the price to the levels indicated on the chart.
In addition there is a divergence on the R.O.C and the RSI.
monitor the Fibonaccio and Ichimoku levels as well as the exponential moving averages 50 and 200
US10Y & SP500 | CRISIS ANALYSIS - BANKING SYSTEM MELTDOWN*From oct 2018 to dec 2019 there is very strong divergence of -42% between falling US10Y and rising S&P 500.(On every falling US10Y there is average of 60% correlation with S&P500).
*Corona virus Activated the convergence process and covered almost +70% to set the overall correlation at +34%.
*There is remaining 30-40% convergence left to align US10Y and S&P500.(Expecting alignment on lower trend channel).