SPX500USD
have been going up for straight 3 weeks now at full speed. But we can clearly see a slowdown here. Approaching the recent key area, bulls seems to play it safe. Since November 2017, we saw how this zone acted as trustful support and resistance. Same thing is happening now. Will bulls gain momentum to break this resistance or not? As for me, time is for observation. If the price closes below the rectangle zone, I'll be looking for short signal. If closes above, it will be an indication to go long. In an Elliot waves point of view, I can say we are the the 4th corrective wave. So if price get out of this rectangle zone and close below, it could be a signal for the 5th impulse wave. Fib retracement is actually 50%.
N.B: If the retrace right to the 1st wave, Elliot wave will be invalidated.
www.salixnigra.com/en/services/courses/
twitter.com/nkanven