I'm speculating here that if we have topped out on the SPX500, then here are the most prominent levels to note based on a fibonacci phi-channel drawn on the weekly timeframe. I also drew a simple trend line to show the current regime we've been in.
It's typical for the market to have a sharp correction/crash of some kind in the spring. At least it has been lately.
I am mainly publishing this for my own notes. The long position overlay I have posted is where I believe that the current support and demand for SPX500 is, and below the green area, if price does not bounce within the green area and moves below into the red, then I'd say we are in bear market territory for sure.
But I best not get ahead of myself.
Not financial advice.
Happy Hunting!
It's typical for the market to have a sharp correction/crash of some kind in the spring. At least it has been lately.
I am mainly publishing this for my own notes. The long position overlay I have posted is where I believe that the current support and demand for SPX500 is, and below the green area, if price does not bounce within the green area and moves below into the red, then I'd say we are in bear market territory for sure.
But I best not get ahead of myself.
Not financial advice.
Happy Hunting!
Nota
Feels good to be right and call the top for March.Nota
Price has re-visited this .618 coefficient that I drew in March. It's now at a key inflection pointNota
Here we are again at the 382 coefficient, once again at an inflection point. Phi-Channels can be very predictive.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.