The S&P500 index (SPX) has completed 4 straight green 1D candles, and is already trading above its 1D MA50 (blue trend-line) again. With its 1D RSI also reaching its MA (yellow trend-line), we view last Friday's candle as the new Higher Low at the bottom of the 4-month Channel Up.
This pattern is so far highly symmetrical with each of the 2 completed Legs so far, following an a-b-c-d structure. Right now we are on step (a) that is the start of the Bullish Leg. Based on this model, we are expected to approach the top (Higher Highs trend-line) of the Channel Up on step (b) then make the mid-Leg pull-back to (c) and then resume the uptrend for the Bullish Leg's top on (d).
We expect that to be on at least 6300, which is marginally below the 1.786 Fibonacci extension, being the minimum level that each of the previous 2 Bullish Legs hit.
-------------------------------------------------------------------------------
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇
This pattern is so far highly symmetrical with each of the 2 completed Legs so far, following an a-b-c-d structure. Right now we are on step (a) that is the start of the Bullish Leg. Based on this model, we are expected to approach the top (Higher Highs trend-line) of the Channel Up on step (b) then make the mid-Leg pull-back to (c) and then resume the uptrend for the Bullish Leg's top on (d).
We expect that to be on at least 6300, which is marginally below the 1.786 Fibonacci extension, being the minimum level that each of the previous 2 Bullish Legs hit.
-------------------------------------------------------------------------------
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇
👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.