๐As I wrote in a previous post about the chance to see declines and then rises on the s&p500, the declines didn't happen but we broke out to new highs
๐Which created an ideal opportunity for us to continue the uptrend which could stop at the resistance zone marked on the chart.
๐I determined it based on a cluster of 3 measurements. The first measurement is the fibo level 0.5 of the entire downtrend. The second is the 1:1 level of the largest upward correction in the downtrend and the third is the 1:1 level of the largest upward wave in the current upward momentum. The zone has been repeatedly respected by the price in the past.
๐I also marked two support zones.
๐The first is the 0.236 level of the entire upward wave.
๐The second is the cluster of the 0.236 level of the entire downtrend and the 0.382 level of the entire upward impulse.
๐It is also worth noting that we have broken through the 0.382 level of the entire downtrend.
๐The scenario I am playing out is a continuation of the uptrend to the resistance zone, taking into account smaller corrections along the way.
๐*Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario.
๐If you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.๐
Good job, cool chart. I think once we break support and 200 day moving average shortly after the correction will start. This was all done on low-volume .Monday or Tuesday I see it playing out to the downside.
RLinda
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Good look at the market, I think the price will reach the target soon) Thanks)