Loading ...Another Possible IHS On The $SPX 2 Hour
This one is similar to an IHS I came up with yesterday but I decided against it then. I’ve just re-drew it, tweaking
it slightly, and it gives a higher target of 2070-2080 $SPX. What’s attractive to me about this target is the weekly
charts for $SPX & $VIX both confirm its possibility, that of the rally in the broads still having approximately 2 weeks
left. It’s another possibility anyway.
Nice Charts. The rally here is very powerful with McClellan Oscillator at one of the highest levels ever. Will we get a correction?? I don’t know. A top just above the 200DMA and touching that weekly trendline sounds like a perfect scenario. Everyone will be bullish by then.
Agreed
The question I was asking myself yesterday was “Is this a repeat of October 2015?” Then, as now, there were ECB & Fed monetary policy meetings,
both of which helped propel the broads higher. Also, with all the bearishness in the media lately I think there are a lot of short positions that are
ripe for a squeeze. Looking at $SPX daily, IMO, it’s due to fall back to test the EMA 10/20, both of which are on the verge of cutting above
the SMA 50, which, if it happens, will sucker in more naive shorts, ripe for the squeezing.
Start of the correction?
http://invst.ly/19ruj
Doubt it but I’m literally just sitting down to look at charts now.
Good job JenkinsLane–you have been correct with your calls. Short covering rallies are intense…
I will be shorting if price falls back into the wedge, the target for the correction may be a little aggressive but I have been expecting the volatility to start cranking up, breaching the double bottom neck will have traders not knowing which way to look, glad to hear you guys are seeing the same thing.
http://invst.ly/19jjg
Bust through the dome top? Bulls will be everywhere.
http://invst.ly/19jni