SPX: How Low Can This Pullback Take Us?
• The SPX is correcting today, and it seems it is seeking the 21 ema again;
• So far, it is still doing higher highs/lows, therefore, it is still a bull trend despite the recent correction;
• Since it is a bull trend, any bullish reaction around a support level would be just an opportunity to buy;
• SPX is still far from its main support levels, indicating that we could keep correcting for a while. What if it loses the 21 ema on the daily chart?
• Long-term speaking, looking at the weekly chart, any pullback to the 4,195 would be acceptable and wouldn’t ruin the bullish bias;
• The 4,195 was a previous top level, which is supposed to act as a future support level (Principle of Polarity);
• What’s more, on the weekly chart, the SPX did an upward breakout of an Ascending Triangle, as evidenced by the lines on the chart;
• Therefore, this reinforces the idea that it could correct to the 4,195, as according to Bulkowski, pullbacks after an upward breakout of an Ascending Triangle happens 64% of the time;
• Either way, let’s keep monitoring it very closely from here.
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• So far, it is still doing higher highs/lows, therefore, it is still a bull trend despite the recent correction;
• Since it is a bull trend, any bullish reaction around a support level would be just an opportunity to buy;
• SPX is still far from its main support levels, indicating that we could keep correcting for a while. What if it loses the 21 ema on the daily chart?
• Long-term speaking, looking at the weekly chart, any pullback to the 4,195 would be acceptable and wouldn’t ruin the bullish bias;
• The 4,195 was a previous top level, which is supposed to act as a future support level (Principle of Polarity);
• What’s more, on the weekly chart, the SPX did an upward breakout of an Ascending Triangle, as evidenced by the lines on the chart;
• Therefore, this reinforces the idea that it could correct to the 4,195, as according to Bulkowski, pullbacks after an upward breakout of an Ascending Triangle happens 64% of the time;
• Either way, let’s keep monitoring it very closely from here.
Follow me to keep in touch with my analyses!
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