SP500 MF-W1-BEARISH ENGULFING PATTERN !
Last weekly candle triggered a BEARISH ENGULFING PATTERN !
Indeed, the failure to :
1) Recover above the Mid Bollinger Band
2) Hold above Kijun-Sen and Tenkan-Sen
is confirming this persisting downward pressure in this weekly time frame.
Looking ahead, it is likely to see an ongoing downside move with temporary recovery attempts in a countertrend
tactical move only...
Such kind of tactical rally, should, as already mentioned several times, be monitored closely with a disciplined RR (Risk Reward) approach.
STRATEGIC TARGETS REMAINS THE FOLLOWING :
1) Retest of former low @ 4186.50 (also roughly the weekly top clouds zone and the 23.6% Fibonacci retracement of the 2'174-4'808.25 BIG RALLY or + 121 % !)
2) The bottom of the weekly clouds which also coincides with the 38.2% Fib ret @ 3'802
3) the 50% Fibonacci retracement @ 3'491.25
4) and the 61.8% Fib ret @ 3'180.25
Do you think, such kind of correction is possible ?
Honestly speaking, I think so !
Why ?
The answer is pretty simple :
Watch from where the SP500 came from (2'174) and after a performance of more than 120%, a minimum correction of 38.2% should, at least, occurs and even 50% towards 3'491.25 !
And...this would not affect the long term (monthly) uptrend.
LAST BUT NOT LEAST, AS A GENTLE REMINDER, THE MONTHLY KIJUN-SEN IS ALSO AT 3'491.25 AND ONLY A CLEAR BREAKOUT OF THAT SUPPORT LEVEL WOULD DESTROY THE ONGOING LONG TERM BULLISH PICTURE.
By the way, if you like my analysis and if you find any added value on your trading activities, please do not forget to like it and for those who do not follow me yet on Trading View, please do not forget
either to add Ironman8848 in your following list.
And for those who do not have access to Trading View yet (from my personal point of view, the best charting application available at the moment) please do not hesitate to use the following link to sign up :
tradingview.com/gopro/?share...
Many thanks in advance.
Have a nice weekend
Ironman8848. & Jean-Pierre Burki
Indeed, the failure to :
1) Recover above the Mid Bollinger Band
2) Hold above Kijun-Sen and Tenkan-Sen
is confirming this persisting downward pressure in this weekly time frame.
Looking ahead, it is likely to see an ongoing downside move with temporary recovery attempts in a countertrend
tactical move only...
Such kind of tactical rally, should, as already mentioned several times, be monitored closely with a disciplined RR (Risk Reward) approach.
STRATEGIC TARGETS REMAINS THE FOLLOWING :
1) Retest of former low @ 4186.50 (also roughly the weekly top clouds zone and the 23.6% Fibonacci retracement of the 2'174-4'808.25 BIG RALLY or + 121 % !)
2) The bottom of the weekly clouds which also coincides with the 38.2% Fib ret @ 3'802
3) the 50% Fibonacci retracement @ 3'491.25
4) and the 61.8% Fib ret @ 3'180.25
Do you think, such kind of correction is possible ?
Honestly speaking, I think so !
Why ?
The answer is pretty simple :
Watch from where the SP500 came from (2'174) and after a performance of more than 120%, a minimum correction of 38.2% should, at least, occurs and even 50% towards 3'491.25 !
And...this would not affect the long term (monthly) uptrend.
LAST BUT NOT LEAST, AS A GENTLE REMINDER, THE MONTHLY KIJUN-SEN IS ALSO AT 3'491.25 AND ONLY A CLEAR BREAKOUT OF THAT SUPPORT LEVEL WOULD DESTROY THE ONGOING LONG TERM BULLISH PICTURE.
By the way, if you like my analysis and if you find any added value on your trading activities, please do not forget to like it and for those who do not follow me yet on Trading View, please do not forget
either to add Ironman8848 in your following list.
And for those who do not have access to Trading View yet (from my personal point of view, the best charting application available at the moment) please do not hesitate to use the following link to sign up :
tradingview.com/gopro/?share...
Many thanks in advance.
Have a nice weekend
Ironman8848. & Jean-Pierre Burki
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