SPX Counts and Target
EW: This chart only shows optimistic counts, where the SPX seems to be in a Minuette wave 3. Since the beginning of this wave (2018-05-03), there has been NO wave 1 and wave 2 on a Subminuette level, which could be used as pivot points!
STOCH: This indicator clearly shows an overbought situation on 1D and lower time frames! Only on weekly and monthly, the indicator is still increasing!
Line Study: Another rising pennant is probably forming, which would be a bearish signal. For the very near term, we will see resistance at 2750ish (blue line). If this level would be broken, SPX would trade in the old trend-channel again, which started in Jan 2016. This would def. be another bullish signal, where fresh money could come in!
According to Wyckoff-Accumulation, SPX and DOW are probably in phase D, with a possible sidewards reaction. This could also solve the pennant problem!
During the coming week, we will see, if this wave 3 pattern is real and the SPX continues to rise. TP for this wave would be 2849 (1,618), which is very close to the ATH- Currently, I wait for confirmation for a break or a continuation of this last leg..
STOCH: This indicator clearly shows an overbought situation on 1D and lower time frames! Only on weekly and monthly, the indicator is still increasing!
Line Study: Another rising pennant is probably forming, which would be a bearish signal. For the very near term, we will see resistance at 2750ish (blue line). If this level would be broken, SPX would trade in the old trend-channel again, which started in Jan 2016. This would def. be another bullish signal, where fresh money could come in!
According to Wyckoff-Accumulation, SPX and DOW are probably in phase D, with a possible sidewards reaction. This could also solve the pennant problem!
During the coming week, we will see, if this wave 3 pattern is real and the SPX continues to rise. TP for this wave would be 2849 (1,618), which is very close to the ATH- Currently, I wait for confirmation for a break or a continuation of this last leg..
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.