Here we have a bearish rising wedge forming on the daily chart of the SPX. Overhead we have massive amounts of resistance in the form of:
1. Supply Zone
2. The purple, monthly 21ema
3. The downtrend channel top
4. The bearish rising wedge
5. Equal highs on the MACD when price made a higher high
6. Price barely above the downward sloping blue 200sma
I have been patiently waiting for this wedge to break to the downside with my target at 3200.00
It is coming to a close here soon in the next couple of weeks or so.
Like a saltwater crocodile, patiently waiting on the shore for an easy kill, I will strike. Until then I will keep waiting.
Nothing about this tells me bullish at all. No where in history has the SPX fell below the monthly 21ema and suddenly ripped higher.
1. Supply Zone
2. The purple, monthly 21ema
3. The downtrend channel top
4. The bearish rising wedge
5. Equal highs on the MACD when price made a higher high
6. Price barely above the downward sloping blue 200sma
I have been patiently waiting for this wedge to break to the downside with my target at 3200.00
It is coming to a close here soon in the next couple of weeks or so.
Like a saltwater crocodile, patiently waiting on the shore for an easy kill, I will strike. Until then I will keep waiting.
Nothing about this tells me bullish at all. No where in history has the SPX fell below the monthly 21ema and suddenly ripped higher.
Comentário:
Still waiting for the entry. Entry is Strong bearish engulfing weekly candle that closes below the rising wedge. Preferably below the weekly 21ema. Below is a picture of how I would like it to look like. Once this happens, I am in with no hesitation. Stop above weekly candle. target at 3200.
Comentário:
There is a lot to take in with the following chart. Most important take away is that out of the start of this "correction" starting January 2022, we haven't even come close to reaching the 0.382 of the entire bull market. Measured moves takes it both to the 0.5 level and the 0.618 level. 2750 and 2280 respectively. The monthly 21ema will be a humungous brick wall of resistance in this down trend.
The move from January 2022 to May 2022 was the first wave down.
The sideways move from October Low to now is the consolidation inside the triangle, setting up for the continuation move for wave 3.
The move from January 2022 to May 2022 was the first wave down.
The sideways move from October Low to now is the consolidation inside the triangle, setting up for the continuation move for wave 3.
Comentário:
Comentário:
Another likely scenario is that the weekly chart puts in one more leg higher to fill the gap from August 15th before rejecting off the monthly 21ema.
Like I said, I am not entering short until bullish pressure is gone. We are still in the temporary counter trend move via the rising wedge. I am not trying to pick the top, I am looking for rejection
Like I said, I am not entering short until bullish pressure is gone. We are still in the temporary counter trend move via the rising wedge. I am not trying to pick the top, I am looking for rejection
Comentário:
My whole point to all of this is that I don't know the top and when it will roll over. Could be scenario A or scenario B. It could also do scenario C and keep going higher.
Trade ativo:
Entry into with the huge bearish engulfing candle as I thought it would. 2750 here we come. Crash wave 3 in progress. All this was was just a bearish rising wedge counter trend rally in a bear market to suck in the bulls. Bear Markets don't just end out of nowhere.
Comentário:
I have 4 confluences that show that 2750 is a viable target
