Did SPX just X wave? 🤔💡
In connecting ABCs; an X wave will commonly retrace 0.618 from A to C which will often rise to the area of the previous lower degree B wave and this is pretty much what is on the chart.
Currently SPX is just shy of 0.618 but it has found resistance and printed a fakeout reversal through the 200DMA.
RSI topped in this area before and could be a clue and although there has been bullish divergence this can be realised in printing the X wave that may now be complete or near completion.
If it does carry on down then at this trajectory next ABC 1:1 target is 3856, though it could of course pick up pace and find a lower fib.
Not advice.
In connecting ABCs; an X wave will commonly retrace 0.618 from A to C which will often rise to the area of the previous lower degree B wave and this is pretty much what is on the chart.
Currently SPX is just shy of 0.618 but it has found resistance and printed a fakeout reversal through the 200DMA.
RSI topped in this area before and could be a clue and although there has been bullish divergence this can be realised in printing the X wave that may now be complete or near completion.
If it does carry on down then at this trajectory next ABC 1:1 target is 3856, though it could of course pick up pace and find a lower fib.
Not advice.
Nota
For deep posts on SPX check NoOneWhoIsSomeone, - very good.
Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Penerbitan berkaitan
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.
Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Penerbitan berkaitan
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.