Trading1to100

SPX HIGH @ 2753 HIGHS... CONSOLIDATION OR BREAKDOWN !!!

Long
OANDA:SPX500USD   S&P 500 Index
My previous post I had mentioned that exceeding 2640 then price would target T1=2690-2760... it is here now and probable consolidation as it is not done to the upside next price target= T2= 2840-2890

Analysis from 2182:
2182-2641-2431= 2896(100%) not there yet
price extension 2182-2641=2766(127%)= 2753
3138-2182= 2770 (62%) retracement,= 2753
3393-2182= 2786(50%) retracement, both the 50% & 62% retracement provide strong resistance for now, could prices break out above to test the upper resistance T2= 2840-2890 probable.

Analysis from 2431:

2431-2534=1/A,2534-2455=2/B,2455-2753=3/C(2455-2592=i,2592-2570=ii, 2570-2674=iii,2674-2630=iv, 2630-2753=v,)??
still requires a 4th and a 5th to complete if prices are to get to the upper price range T2= 2860-2890.
If 4TH WAVE THEN EXPECTED CONSOLIDATION OF BETWEEN 80 TO 100 pts= 2670-2650 for support.
however if a larger consolidation then expect prices to get to 2600 which is probable.




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