My most recent analysis on S&P500 was 15 days ago, when I talked about why the Bearish Ichimoku was in fact a bullish signal:
As it turned out, the signal was accurate and SPX made a bottom on the Higher Lows trend-line of the Channel Up and rebounded. In fact it even broke above the 1D MA50, the strongest short-term bearish barrier (also the 4H MA200) and is closing in on the 4480 September 27 High.
The pattern seems like a peculiar Inverse Head and Shoulders, which is a bullish formation, but perhaps even more important than that is the fact that we have a potential 4H Golden Cross (when the 4H MA50 crosses above the 4H MA200) forming. Ever since the November 2020 U.S. elections, every Golden Cross on the 4H time-frame has been heavily bullish.
I mentioned on my last update that this price action resembles the February-March fractal and currently I see no reason to change that. I expect a test of the 1.5 and 2.0 Fibonacci extensions towards the end of November for a new Higher High on this long-term Channel Up.
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As it turned out, the signal was accurate and SPX made a bottom on the Higher Lows trend-line of the Channel Up and rebounded. In fact it even broke above the 1D MA50, the strongest short-term bearish barrier (also the 4H MA200) and is closing in on the 4480 September 27 High.
The pattern seems like a peculiar Inverse Head and Shoulders, which is a bullish formation, but perhaps even more important than that is the fact that we have a potential 4H Golden Cross (when the 4H MA50 crosses above the 4H MA200) forming. Ever since the November 2020 U.S. elections, every Golden Cross on the 4H time-frame has been heavily bullish.
I mentioned on my last update that this price action resembles the February-March fractal and currently I see no reason to change that. I expect a test of the 1.5 and 2.0 Fibonacci extensions towards the end of November for a new Higher High on this long-term Channel Up.
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
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I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
Отказ от ответственности
Информация и публикации не предназначены для предоставления и не являются финансовыми, инвестиционными, торговыми или другими видами советов или рекомендаций, предоставленных или одобренных TradingView. Подробнее читайте в Условиях использования.