Trading Fam,
It's time. We've prepared. SPX has now broken our wedge to the downside. Another candle on the daily will confirm this bearish move. I expect the 50-day SMA to give us a bit of a bounce. We may retest the underside of the wedge before further moving down at the end of this week or the beginning of next.
Again, as stated in my previous video post, I would expect us to draw back to at least that 200-day SMA in red. More likely, we'll go to support, which intersects with that 350-day SMA (orange) at around 6100. If we go lower and break below that 350-day SMA, we're likely to test the bottom of our channel.
Trade accordingly once confirmation of this bearish move can be had.
✌️Stew
It's time. We've prepared. SPX has now broken our wedge to the downside. Another candle on the daily will confirm this bearish move. I expect the 50-day SMA to give us a bit of a bounce. We may retest the underside of the wedge before further moving down at the end of this week or the beginning of next.
Again, as stated in my previous video post, I would expect us to draw back to at least that 200-day SMA in red. More likely, we'll go to support, which intersects with that 350-day SMA (orange) at around 6100. If we go lower and break below that 350-day SMA, we're likely to test the bottom of our channel.
Trade accordingly once confirmation of this bearish move can be had.
✌️Stew
Nota
At this point, it doesn't even look like we're going to bounce off of that 50-day SMA. Bearish.Nota
Hit the top of our channel as drawn. Now, watch closely. Drop imminent.
Stewdamus Trades -
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Crypto predictions, targets, how-tos, and much, much more!
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Stewdamus Trades -
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us
Publicações relacionadas
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.