Good morning everyone,
Watch for short-term leg up in the S&P500. It's been consolidating after the sharp move up of the past week and looks like it reached the bottom of penant (or flag) , which traditionally is a sign of at one more upswing. Trade with tight stops as we approach the upper bound of the paralell channel as it's now unclear whether it's breaking out or coming down.
Stay tuned for updates.
Wish you all the best trades,
PTFX
Disclaimer: This post does not provide any kind of financial advice. It is for educational purposes only and solely supported by my understanding of the technical figure based on wave theory.
Watch for short-term leg up in the S&P500. It's been consolidating after the sharp move up of the past week and looks like it reached the bottom of penant (or flag) , which traditionally is a sign of at one more upswing. Trade with tight stops as we approach the upper bound of the paralell channel as it's now unclear whether it's breaking out or coming down.
Stay tuned for updates.
Wish you all the best trades,
PTFX
Disclaimer: This post does not provide any kind of financial advice. It is for educational purposes only and solely supported by my understanding of the technical figure based on wave theory.
Comment:
Black trendline reached. Watch for breakout to test upper bound of channel. Nonetheless, with stock market this volatile, put your stops at breakeven level if u already got in the trade and let it run.
Trade closed: stop reached:
Trade was closed for breakeven as the attempt to break the black trendline was not successful. Trade with care, feel free to reach out.