$SPX - Chart Link- price bounced off my lower
trendline on the monthly chart
$SPX - Chart Link- price found support at a
trendline off recent highs
$SPX - Chart Link- SPX 3724 is a 23% Fib
level (reasonable level for a major Wave 4) but must now hold that
trendline support (solid blue line) and rally to new highs.
A bounce that forms a lower high would set a RS of a HS
topping pattern.
As you know, I was looking for seasonal weakness from Mid
February until early March and we did see some giveback over the
past few weeks. This is simply a guidepost and nothing is
absolute so continue to trade what's in front of you.
Bottom line is that I view last week's low as pivotal and bulls
now must build upon Friday's reversal candle.
SPX Views - Traditional Charts
Posted by steve on 6th of Mar 2021 at 11:00 am
$SPX - Chart Link- price bounced off my lower trendline on the monthly chart
$SPX - Chart Link- price found support at a trendline off recent highs
$SPX - Chart Link- SPX 3724 is a 23% Fib level (reasonable level for a major Wave 4) but must now hold that trendline support (solid blue line) and rally to new highs. A bounce that forms a lower high would set a RS of a HS topping pattern.
As you know, I was looking for seasonal weakness from Mid February until early March and we did see some giveback over the past few weeks. This is simply a guidepost and nothing is absolute so continue to trade what's in front of you.
Bottom line is that I view last week's low as pivotal and bulls now must build upon Friday's reversal candle.
Nice charts steve. I took
Posted by arun on 6th of Mar 2021 at 12:20 pm
Nice charts steve. I took advantage of your headsup and did well with shorts ( could have done a lot better but still cant complain)