SPX500: Years-End-Analysis! RETEST of 2.600 is pretty likely!
Hey Tradomaniacs,
welcome to another weekly overview of SPX500!
Let`s take a look at the year and what we see is a huge but delayed Sell-Off compared to the european market!
SPX500 started this year @ 2.666 and was struggeling since then! adter the first sell-off in January 2018
loosing more than 12% we`ve seen the first signs of fear and panic. The uncertainty continued until April before
the market decided to give it anotther try and we`ve "bought" an uptrend to the SPX500 ATH @ 2.940!
What a run - But the double-top-pattern came 8 days later and caused a new massive sell-off!
The breakout and retest of the Trendchannel confirmed the panic and cause more bearish power.
We gave it another attempt.. and bounced off again. The S&R-Flip was cut in stone.
The last attempt was just a desperate act of team Bulls..but they had to surrender.
GG WP?
The next break below this "Tripple-Bot / Tripple-Top ala range was a volatile walk on a knife edge, and the high volume continuation of the
sell-off confirmed that.
We`ve retested two converging trendlines and the Range of Feb. 2017 - June 2017 which is almost at the 1.618 Extension of the first Sell-Off!
A retracement as a retest of the recent support @ 2.600 is pretty likely and should give the bulls another chance to turn this game into their favour.
Technical Aspects:
--------------------------------------------------------------------------------------------------------------
Overall you can see the market is still very freaking volatile and attractive to daytrade.
After the recent massive sell-off below the low of the YEAR at 2.530, team BEARS didn`t stop until we`ve reached the
low of two converging trendlines @ 2.2321. We´ve retraced 38,2% but it should be pretty likely to retest at least the years low or the
61,8% retracement, which is excactly at the previous support (2.600).
The Wave-Count is not complete anymore.. I don`t know why, but it just dissappeare and I`m a lazy person! ;-D
You can see that we are still in a correction.
The question is: Will this still be a correction? Or do we head into a downtrend?
We are currently in WAVE 4 of WAVE (Y) (which is actually WAVE C).. but I think it`s easier to understand that way.
It`s pretty likely to see a retest of 2.600!
--------------------------------------------------------------------------------------------------------------
All fundamentals are pretty bearish! Looking at the FED`s policy and its plans to increase the interest rate
we will ahve to expect way less liquidity, consume and investments in the market.
THIS IS NOT GOOD FOR THE WALLSTREET ;-D
We will see what happens!
I WISH YOU A HAPPY NEW YEARS EVE! Enjoy the time with family and friends! :-)
---------------------------------------------------------------------------------------
LEAVE A LIKE AND A COMMENT - I appreciate every support! =)
Peace and good trades
Irasor
Wanna see more? Don`t forget to follow me.
Any questions? PM me. :-)
welcome to another weekly overview of SPX500!
Let`s take a look at the year and what we see is a huge but delayed Sell-Off compared to the european market!
SPX500 started this year @ 2.666 and was struggeling since then! adter the first sell-off in January 2018
loosing more than 12% we`ve seen the first signs of fear and panic. The uncertainty continued until April before
the market decided to give it anotther try and we`ve "bought" an uptrend to the SPX500 ATH @ 2.940!
What a run - But the double-top-pattern came 8 days later and caused a new massive sell-off!
The breakout and retest of the Trendchannel confirmed the panic and cause more bearish power.
We gave it another attempt.. and bounced off again. The S&R-Flip was cut in stone.
The last attempt was just a desperate act of team Bulls..but they had to surrender.
GG WP?
The next break below this "Tripple-Bot / Tripple-Top ala range was a volatile walk on a knife edge, and the high volume continuation of the
sell-off confirmed that.
We`ve retested two converging trendlines and the Range of Feb. 2017 - June 2017 which is almost at the 1.618 Extension of the first Sell-Off!
A retracement as a retest of the recent support @ 2.600 is pretty likely and should give the bulls another chance to turn this game into their favour.
Technical Aspects:
--------------------------------------------------------------------------------------------------------------
Overall you can see the market is still very freaking volatile and attractive to daytrade.
After the recent massive sell-off below the low of the YEAR at 2.530, team BEARS didn`t stop until we`ve reached the
low of two converging trendlines @ 2.2321. We´ve retraced 38,2% but it should be pretty likely to retest at least the years low or the
61,8% retracement, which is excactly at the previous support (2.600).
The Wave-Count is not complete anymore.. I don`t know why, but it just dissappeare and I`m a lazy person! ;-D
You can see that we are still in a correction.
The question is: Will this still be a correction? Or do we head into a downtrend?
We are currently in WAVE 4 of WAVE (Y) (which is actually WAVE C).. but I think it`s easier to understand that way.
It`s pretty likely to see a retest of 2.600!
--------------------------------------------------------------------------------------------------------------
All fundamentals are pretty bearish! Looking at the FED`s policy and its plans to increase the interest rate
we will ahve to expect way less liquidity, consume and investments in the market.
THIS IS NOT GOOD FOR THE WALLSTREET ;-D
We will see what happens!
I WISH YOU A HAPPY NEW YEARS EVE! Enjoy the time with family and friends! :-)
---------------------------------------------------------------------------------------
LEAVE A LIKE AND A COMMENT - I appreciate every support! =)
Peace and good trades
Irasor
Wanna see more? Don`t forget to follow me.
Any questions? PM me. :-)
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