Extremely valuable analysis here team, we are at a super important level for the SPX500, it’s either make or break from here. As always we will let the market show us what it wants to do and be patient until then. If we manage to break this small ascending trend line as well as the structure we could be in for a very nice risk to reward trade to the...
SPX500USD long entry above 3235.9usd. Our movement of the exchange closely followed our analysis. The current analysis uses an ATR closing value strategy. The point of this is that I calculate both correction levels and target prices by defining the closing value of the D1ATR....
On the lower time frames we have broken an ascending channel and price also rejected and formed a double top. Price has huge potential to the downside: the beginning of the lower time frame channel, the longer wider ascending channel support, and the beginning of the whole structure.
Price has cleanly rejected the bottom of structure which was an area of value in the market.This was expected due to the lack of momentum and impulses to the downside which showed us that we could see the downtrend momentarily cease.
The price is held from the top by:
- Green volume zone;
- Grey falling trend line
and from the bottom by:
- red S/R zone clustered with
- 78,6% - of Gartley
- grey ascending trend
I envisage the next moves as shown by the turquoise arrows. Let's see how far does it get us =)