SP500 (Y20.P4.E1).Still bullish but a correction taking place

Hi All,

This is a continuation of my previous post which discussed the correction that is likely to happen soon, now we have it.

I'm still sticking to my original thoughts that this price action will move towards the average of this channel and in this case we have:
a) support at the previous resistance;
b) confluence with the daily 21/34 ema;
c) channel bottom or trend line which shows we have 2, depicting a deviation of 1 and 2 of the channel. Price was over extended represented from the deviation of 1;
d) fib. level at a number of levels;
e) indicators still show downward pressure on the 8 hr and daily;

My interest with the SP500 and Gold is from a crypto perspective, as they have direct correlation, with crypto being more volatile, better opportunities in terms of % gains.

A few days ago, I saw it coming with that bearish candle on the 4 hrly followed by more;

Today's chart on the 4 hrly;

Regards,
S.Sari

BTC CHART

PREVIOUS POST

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Its not looking good.
The U.S. Dollar Index rallied 1 hour before the stock market opened, causing stocks to slip more. Global Markets in fear.
S&P struggling
Unless they devalue the dollar, is the temporary or long term.

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test 1 to hold it up, passed

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weekend market closer... so far to the script

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I see more downward pressure on the daily so more likely a deeper correction...we are overbought, overvalued and over bullish, just the trend change is required and we will see it complete

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Next fib level to be tested. Here we see a strong demand via the bottom wick of this 12 hourly candle however we have 5 hrs remaining.

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SMA playing a key role

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continuation with the following post