SPX is anticipated to have completed the correction against the rally from the low of 2191 in March 2020 of cycle degree. Currently, it is expected to be in wave 3 formation of cycle degree, with the outlook for SPX to extend further high in wave 3 as long as it remains above 4103 and does not break the trend line.
Our NSE:NIFTY & NSE:BANKNIFTY is following the same chart pattern as SP:SPX
A falling wedge plus bearish descending channel with a strong horizontal support
SPX has just broken out from the falling wedge, will it breakout?
And if yes - some of that euphoria will spill onto Nifty50 as well.
SP:SPX may try to create #wpattern or double bottom on daily / hourly time frames at important support zone of daily time frame, if it breaks below the support level, we can achieve the expected downside targets soon.
Please check idea previously posted on 22nd June.
SPX 500 has been in a nice uptrend, continuously making higher highs and higher lows. After the recent pullback to the 20 EMA , a nice continuation candle has formed. A long can be initiated keeping in mind the following levels, only if it sustains above long level for 15 minutes.
LONG ABOVE : 4226
STOP LOSS :...
SPX 500 has been in a nice uptrend, continuously making higher highs and higher lows. After the recent pullback to the 20 EMA, a nice continuation candle has formed. A long can be initiated keeping in mind the following levels, only if it sustains above long level for 15 minutes.
LONG ABOVE : 4226
STOP LOSS : 4173
TARGET 1 : 4279
TARGET 2 : 4332
This is non-repainting indicator which can be used for Index, Stocks, Commodities and Bitcoin or any other securities depending upon the various parameter setting of the indicator. The detailed description about the indicator is as follows:
I have taken 2 lots of SPX as default trading quantity and one for partial booking after 75 points which can be customized....
Conjuncture
As Coronavirus seem to have reached in the EU what looks to be so far its "propagation ceiling", the US is being rapidly contaminated with the virus; their extremely precarious healthcare system worsening the spread by making it increasingly harder for people to get tested. The US spread, being late of a week or two behind the EU, still has lots of...
Head & Shoulder pattern observed in S&P 500 Index. Should the pattern confirm by breaching 2800 on closing basis, one can expect the index to fall towards 2645.
En route 2720 area is a visible support for shorts to be wary of.
S&P 500 index is at the verge of a flag breakout on the 15 minutes TF.
Targets are near 2570.
Wait for confirmation by the next candle, and a mostly probable retest of the resistance turned support before entering.
Considering the momentum, I will initiate longs above 2900, with an open target and trailing SL starting the trade with 2820.
Will keep updating further actions.
