S&P 500 Analysis: Wedge Pattern is Acuating
5 years ago in #haejin by haejin (87)
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Master Lee!
What do you think of Druckenmiller's recent interview where he said that Technicals no longer apply to the equity markets?
I'm glad crypto is still organic enough to show patterns, however with this low relative volume it seems as if algo's are severely distorting patterns..
It seems as if Elliot wave, and pattern identification only reaaallly works when there's volatility (Fear/greed at it's highest amplitude).
I disagree. Technical Analysis tries to understand price action..why? Because price action is the most direct reflection of sentiment. Fundamentals are not as direct but more downstream.
Do manipulations skew the TA? They can bend the waves but can't control it.
EW can also map out the boring sideways actions also....they just aren't very tradeable. For these, we use the WXY and WXYXZ combination sequences.
That's a great question...
It's a shame that those Nameless trolls last year destroyed out community, I guess that and the migration to Bitcoin.live - but when the bull market comes back, I feel like your blog will get more attention again.
Thanks for the random crypto updates - and index/gold updates.
I agree. It's all about sentiment. If you have requests for stock analysis, please let me know in the comments.
I entered a small position earlier today around 2651.31, still currently holding. It moved nicely for me today !
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I wish you MASSIVE profits! I believe though lows are potential.
The first position I took is still in profit, but I got a lil greedy on the second. Now I looking for a good exit point....smh. The joy of trading. Thanks tho
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Yes, greed and fear are the primal emotions a trader must fight. One way I manage this is by laddering in and out rather than all in a single trade.
So, if I have 20% profit; I'd take 20% off; and if profit rises to 25%; I'll take another 25% off.
It looks Stochastic release from the level of saturation of the purchase and infiltration below the 50 level confirms that the introduction of negative pressure and give the price a new negative momentum
Yes, that's one way of putting it.
The trading range for today is between 2660.00 and 2600.00.
The general trend is expected for today: the downside is steady at 2660.0
I don't day trade. My trades are usually weeks to months. The reason i don't day trade is because the profit rate and levels are only scalping.
The S & P 500 fell sharply on Tuesday as the Americans returned to work. Frankly, it seems like we're trying to figure out if we have legs to move next to the top. The 2600 level below seems to be supportive. It should be noted that buyers have returned to the market at the end of the day to lift the market at the 50-day exponential moving average, so I do not think it's time to start selling, and I think it's simply a matter of retreat looking for support. I prefer short-term buying positions on small declines, but I realize that we are likely to see further movement back and forth within 100 pips. If we break above 2700, then I think we might rise higher. Until then, I think we will simply get back and look for direction.
I think if that wedge pattern breaks down furthers, the 2,200s are likely. Prior wedges have all broken downwards:
Luvin the SPX updates....
I enter a small position earlier today around 2651.31, still currently holding. It moved nicely for me today !
Posted using Partiko Android