SPX - bottom in 2024 (NEW)
Aktualisiert
hi traders!
In September this year we have published a trading idea where we identified the Rising Broadening Wedge on SPX chart, which is a bearish pattern and we predicted more downside to come:
In November we looked at the chart from a different angle and we published the idea where SPX continues the downtrend as it's getting rejected from the downsloping resistance line:
Both publications are still valid and we expect those targets to be reached.
Today, in this trading idea, we would like to show you something very interesting on a monthly time frame.
What you can see on the chart is that:
-Major trendline was acting as a support from the beginning of 2009. It's a very important support as we've never seen a monthly close below this trendline. In 2020 (COVID crash), the price faked out but eventually it closed above the trendline.
-Last retest occured in March/April 2020
-We expect that the next retest of this key trendline will be in 2024 as probably the recession will get worse in 2023 .
On the other hand, we don't expect such a huge drop like in 2008 /2009 when SPX dropped 57 %.
False breakout below the trendline may occur like in 2020 but we believe that a monthly close will be above this major trendline.
2023 and 2024 will be a great time to accumulate stocks (and crypto) at huge discounts. The opportunity will present itself but it's not there yet. Patience is the key.
Do you agree? Will the trendline hold this time?
Or maybe you think that SPX won't retest it in 2023/24 and SPX has already bottomed out?
Share your opinion in the comment section!
In September this year we have published a trading idea where we identified the Rising Broadening Wedge on SPX chart, which is a bearish pattern and we predicted more downside to come:
In November we looked at the chart from a different angle and we published the idea where SPX continues the downtrend as it's getting rejected from the downsloping resistance line:
Both publications are still valid and we expect those targets to be reached.
Today, in this trading idea, we would like to show you something very interesting on a monthly time frame.
What you can see on the chart is that:
-Major trendline was acting as a support from the beginning of 2009. It's a very important support as we've never seen a monthly close below this trendline. In 2020 (COVID crash), the price faked out but eventually it closed above the trendline.
-Last retest occured in March/April 2020
-We expect that the next retest of this key trendline will be in 2024 as probably the recession will get worse in 2023 .
On the other hand, we don't expect such a huge drop like in 2008 /2009 when SPX dropped 57 %.
False breakout below the trendline may occur like in 2020 but we believe that a monthly close will be above this major trendline.
2023 and 2024 will be a great time to accumulate stocks (and crypto) at huge discounts. The opportunity will present itself but it's not there yet. Patience is the key.
Do you agree? Will the trendline hold this time?
Or maybe you think that SPX won't retest it in 2023/24 and SPX has already bottomed out?
Share your opinion in the comment section!
Anmerkung
The idea still valid!
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