S&P 500 - one to one correction
In our previous analysis, we have mentioned two possible price targets for a corrective movement. One of them has been set as equal to the recent largest decline observed in the first half of June.
The market has dropped near 3300 pts. where potential support occurs. What is more in this area the lower limit within an upward channel has also been set. In the short term the price has created a potential double bottom pattern.
If the support at 3300 pts. is defended we could expect an upward movement to 3425 pts. and if that level is broken even to the upper limit within the mentioned channel.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The market has dropped near 3300 pts. where potential support occurs. What is more in this area the lower limit within an upward channel has also been set. In the short term the price has created a potential double bottom pattern.
If the support at 3300 pts. is defended we could expect an upward movement to 3425 pts. and if that level is broken even to the upper limit within the mentioned channel.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.