spx500USD weekly H&S
מעודכן
Hi guys, i've been trading spx in the last couple of months and i opened a short on the second shoulder at 2940.
I'm looking for a target for a reversal so i can close my short and open a long trade. As we know sept is a overall bearish month for stocks (average -1%) + us-china tradewar and a market that cant keep high profits as in recent years.
I set up 3 target and i think we can reach the first one next week and the second one by the end of the month.
Target 3 will be reached by oct/nov and then we will see if we can bounce or we fall in a bearish market.
My stop loss is at 2980, i will adjust it to 2860 when a daily candle close below 2820.
Target are 2730, 2600 and 2400.
this is purely my idea and not an investment advice
Be safe out there.
edit: Daily time view
https://www.tradingview.com/x/UT1325Xw/
I'm looking for a target for a reversal so i can close my short and open a long trade. As we know sept is a overall bearish month for stocks (average -1%) + us-china tradewar and a market that cant keep high profits as in recent years.
I set up 3 target and i think we can reach the first one next week and the second one by the end of the month.
Target 3 will be reached by oct/nov and then we will see if we can bounce or we fall in a bearish market.
My stop loss is at 2980, i will adjust it to 2860 when a daily candle close below 2820.
Target are 2730, 2600 and 2400.
this is purely my idea and not an investment advice
Be safe out there.
edit: Daily time view
https://www.tradingview.com/x/UT1325Xw/
הערה
Quick update Daily, price approached fibo .786 (2973) and is going back (currently at 2955). This move up was generated by october us china meeting. Ascending triangle pattern is complete and if it validate we can see a move to 2800/2700 range, otherwise a close above 2973 will break the last resistence aiming a new ATH, giving me a bad breakfast ;)
הערה
I was checking for a signal on a bigger scale, and i saw a divergence on the montly chart, check red arrow - we got a similar pattern in 2008
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