Hello Everyone,
As we enter next week, the primary focus remains on the prevailing upward channel from the SPX 3722 - the bulls remain in control as longs as it remains intact. A break of the channel suggests the current trend has ended and to look for a Fib retracement of the total move. Further, the SPX formed a triangle (higher lows and lower highs) late last week so energy is building for a expansion early next week.
I also posted on the trading community a couple of potential fractal charts to monitor beginning next week. 1). The 7 points swing that played out nicely (many doubted when I posted near the lows) 2). The similarities between the current price action and that of early June. This may align with the cycle we have been monitoring recently.
Please take a moment to look at the trade ideas.
