SPX500 1 hour possible buy level 2886
Possible Wave 4 completion around 2890
Has:
- Elliot wave law of alternation = Wave 2 was deep, Wave 4 is shallow (estimate 38.2%)
- ABCD pattern
- Alternate AB=CD pattern Wave 2 = Wave 4 (black arrows)
- Fibonacci cluster at 38% retracement, 127% ABCD + 161% BC extension
- RSI at 33 now, near oversold - likely oversold when hitting the level
I will be scouring the lower timeframes to find a good level to trade off around 2890
Possible R:R heading into a wave 5 could be large as there is not really any overhead resistance till 3000 again, seeing it is such an important psychological level it is likely to be drawn to this
Will post lower timeframe level if I can find one otherwise will be looking for signs of reversal at this level
Has:
- Elliot wave law of alternation = Wave 2 was deep, Wave 4 is shallow (estimate 38.2%)
- ABCD pattern
- Alternate AB=CD pattern Wave 2 = Wave 4 (black arrows)
- Fibonacci cluster at 38% retracement, 127% ABCD + 161% BC extension
- RSI at 33 now, near oversold - likely oversold when hitting the level
I will be scouring the lower timeframes to find a good level to trade off around 2890
Possible R:R heading into a wave 5 could be large as there is not really any overhead resistance till 3000 again, seeing it is such an important psychological level it is likely to be drawn to this
Will post lower timeframe level if I can find one otherwise will be looking for signs of reversal at this level
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