Everyone wants to know... is the S&P forming a diamond, a megaphone, or a triangle? My answer? I don't know... and it doesn't actually matter."
One of the biggest mistakes traders make is trying to predict chart patterns before they're confirmed. Instead of guessing, focus on what the market is actually telling us."
Here's what we do know.
The longer-term trend is still up.
The June low at 7,238 remains intact, so buyers are still in control.
And the entire rally is approaching major resistance...
A long-term trendline around 7,840...
together with a Fibonacci extension near 7,829.
That's a significant confluence of resistance."
So how would I trade it?
Stay with the trend while it remains intact.
Monitor price action as we approach 7,830 to 7,840.
Could I add to positions?
Perhaps—but only modestly.
At these levels, risk management becomes more important than prediction."
Forget trying to name the pattern.
Follow the evidence.
Disclaimer:
The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.
One of the biggest mistakes traders make is trying to predict chart patterns before they're confirmed. Instead of guessing, focus on what the market is actually telling us."
Here's what we do know.
The longer-term trend is still up.
The June low at 7,238 remains intact, so buyers are still in control.
And the entire rally is approaching major resistance...
A long-term trendline around 7,840...
together with a Fibonacci extension near 7,829.
That's a significant confluence of resistance."
So how would I trade it?
Stay with the trend while it remains intact.
Monitor price action as we approach 7,830 to 7,840.
Could I add to positions?
Perhaps—but only modestly.
At these levels, risk management becomes more important than prediction."
Forget trying to name the pattern.
Follow the evidence.
Disclaimer:
The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.
The STA is the oldest technical analysis organisation in the world and to celebrate that fact, we have a free downloadable book on technical analysis here -
technicalanalysts.com
technicalanalysts.com
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這些資訊和出版物並非旨在提供，也不構成TradingView提供或認可的任何形式的財務、投資、交易或其他類型的建議或推薦。請閱讀使用條款以了解更多資訊。
The STA is the oldest technical analysis organisation in the world and to celebrate that fact, we have a free downloadable book on technical analysis here -
technicalanalysts.com
technicalanalysts.com
免責聲明
這些資訊和出版物並非旨在提供，也不構成TradingView提供或認可的任何形式的財務、投資、交易或其他類型的建議或推薦。請閱讀使用條款以了解更多資訊。