Just a quick and simple look at MAs considering SPX after an initial breach is now threatening the 50WMA.
In 2016 and late 2018 the 200WMA was or was near the reversal point and if this is a nominal correction then perhaps it will provide support again.
Also there is support from Feb 20 peak and the 0.5 fib retracement.
A reasonable guess seems to be that SPX can correct (crash) down and overshoot passed Feb20 and 200WMA support to fakeout and tag the 0.5 fib.
It could perhaps reach down to the 0.618 in a steeper correction.
If it happens I wont be buying falling knives. I'll be looking for buying pressure coming in and relevant candles for longer term swing trades and maybe even some bottoms.
Not advice.
In 2016 and late 2018 the 200WMA was or was near the reversal point and if this is a nominal correction then perhaps it will provide support again.
Also there is support from Feb 20 peak and the 0.5 fib retracement.
A reasonable guess seems to be that SPX can correct (crash) down and overshoot passed Feb20 and 200WMA support to fakeout and tag the 0.5 fib.
It could perhaps reach down to the 0.618 in a steeper correction.
If it happens I wont be buying falling knives. I'll be looking for buying pressure coming in and relevant candles for longer term swing trades and maybe even some bottoms.
Not advice.
Next video Saturday 22 June😼.
Hodlers assume an obvious next wave up but will there be a sting in the tail💀.
Deep analysis - I keep the juicy details for my clients.
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Hodlers assume an obvious next wave up but will there be a sting in the tail💀.
Deep analysis - I keep the juicy details for my clients.
Telegram Group: $50 per month 👍🏻.
Contact: t.me/dRends35
