To add to this view, I am staring at chart for a potential
relief bounce on /ES. I went back to Aug-Oct of last year
when we had a 19% correction over 57 days. Using that as a
point of reference, 4221.75 would be a 50% retracement. The
200d SMA is at 4228 and a potential support zone between 4175 and
4208.5. I certainly don't think this is the bottom but I can
imagine a Wave 4 bounce to ~4440. Thoughts?
SPX daily
Posted by matt on 3rd of Oct 2023 at 02:03 pm
$SPX - Chart Link- 200 MA magnet is too strong, been sucking on price
To add to this view,
Posted by patellee on 4th of Oct 2023 at 12:53 am
To add to this view, I am staring at chart for a potential relief bounce on /ES. I went back to Aug-Oct of last year when we had a 19% correction over 57 days. Using that as a point of reference, 4221.75 would be a 50% retracement. The 200d SMA is at 4228 and a potential support zone between 4175 and 4208.5. I certainly don't think this is the bottom but I can imagine a Wave 4 bounce to ~4440. Thoughts?
Now add a volume profile
Posted by steve on 4th of Oct 2023 at 06:19 am
Now add a volume profile to ES and you will see a high volume node 4220ish to 4190. Price has moved into fill the cave recently