SP500 hit a all time high of 5284.20 in the first week of April 2024. We saw 3 weeks correction as per Gann rules against the trend. The swing 3 weeks low is at 4930 on week starting 15 Apr 2024 350 odd points down from the high. Level of 5233.50 was important for the index breaking that level we are hit the cluster support zone of 4942.70 and 4906.40. Index needs...
US said Israel hit Iran and this will impact US equity due to risk on oil. Mostly US equity do not change trend so easily with out testing ket levels.
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Breakout of 2 year rounding bottom Pattern tgt is beyond 6000 last couple of weeks are showing some weakness we may get possible retest of levels mentioned and from there it might resume its upward journey
As shown in daily chart of SPX, price made breakdown from three months old upward channel. If it failed to enter again in the channel then selling pressure will increase significantly. There is no good correction of price since last few months. Long unwinding & short selling will push the SPX down. Do or Die condition for the index.
SPX has been up only since crossing previous ATHs. Q1 just closed and Q2 day 1 is closing below the closest weekly levels. Don't fade an upcoming price expansion (or 2) in this month. Immediate key downside support for SPX is the prev ATH, which is 9% under from here. Invalidation - SPX daily close at ATHs.
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Early signs of reversal in us markets, expecting deeper cuts in coming weeks. Stay Cautious.
These are the most clean price action based Elliot wave chart I found during analysis I hope everyone can take guidance from it
This is my analysis on this following pairs watch and see how the market seems to be respecting my setup
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S&P 500 nears to the edge of a rising wedge structure with negative divergence in RSI on daily charts with loosing momentum upside likely to retrace downside with probable support levels marked as horizontal lines
- SPX looks over extended to me - All US Indices look over extended to me but you can't short it anyways - The whole playout here is based on catching retracements and not shorting anything - IMO trade less unless you find an A+ setup