bearish divergence followed by a break and retest of downward structure. entry was at retest and i will be riding this down to the previous structure level at 4482 area.
The S&P index is at a very interesting area currently so we will be waiting to see how price will react from this level. While it is currently at a very strong supply zone which has been rejected off of a couple of times, I can also spot a very clear inverse head and shoulder pattern which is telling us that price wants to push up past this very strong zone. But...
Anticipating a buy after the retest of this zone. I will be taking tp at the zone marked but I expect price to push higher to form a new ATH because from the daily, price hit a strong support and resistance level and then bounced off of starting this new uptrend. I will link the daily chart below.
NB: this is not financial advice. please always do your own analysis.
SP500 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.
Om Namah Shivay
The S&P 500 Intraday chart Elliott wave analysis gives some possible movement ideas.
This is for educational purpose only. There are no trading suggestions in this.
Om Namah Shivay
THERE ARE TWO COUNTS SHOWN IN THE CHARTS SHOWING THE PROGRESS OF WAVE C
IN BOTH CASES S&P 500 SHOULD CORRECT WITHOUT BREAKING MUCH ABOVE 3750.
THE BLACK COUNTS ARE FOR A TERMINAL IMPULSE OR AN ENDING DIAGONAL AND
THE RED COUNTS ARE FOR A TRENDING IMPULSE IN WAVE C.
