The S&P500 (SPX) index broke above its 4H MA50 (blue trend-line), which as we mentioned on our previous analysis, it was the bullish break-out signal. In fact the current post is an update to the post Rate Hike analysis made on September 22:
The pattern remains the same and so does the current price action that appears to be replicating the late August - early September leg. As you see, when SPX broke above the 4H MA50, it was on the same MACD pattern as today and the subsequent rally hit not only the 4H MA200 (orange trend-line) but extended as high as the 0.618 Fibonacci retracement level from the previous High. If completed, the 0.618 would fall exactly on the Lower Highs trend-line that started after the August 16 High.
You can approach this in segments. First target the 4H MA200 or the 0.5 Fib and if you want to assume some more risk, pursue eventually the 0.618 Fib. This pattern may be invalidated if the price breaks below the 4H MA50, in which case we will be looking for the 1W MA200 as our target again (red trend-line).
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The pattern remains the same and so does the current price action that appears to be replicating the late August - early September leg. As you see, when SPX broke above the 4H MA50, it was on the same MACD pattern as today and the subsequent rally hit not only the 4H MA200 (orange trend-line) but extended as high as the 0.618 Fibonacci retracement level from the previous High. If completed, the 0.618 would fall exactly on the Lower Highs trend-line that started after the August 16 High.
You can approach this in segments. First target the 4H MA200 or the 0.5 Fib and if you want to assume some more risk, pursue eventually the 0.618 Fib. This pattern may be invalidated if the price breaks below the 4H MA50, in which case we will be looking for the 1W MA200 as our target again (red trend-line).
-------------------------------------------------------------------------------
** Please LIKE 👍, SUBSCRIBE ✅, 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 me, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
You may also TELL ME 🙋♀️🙋♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁
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👑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.