The S&P is bouncing along lower channel support, which means it is establishing that as a key level. Preferably, I would like to see that support hold (no solid 4hr close beneath it) to keep the bullish count intact. We're reaching a point where I'll have to continue drilling down with the series of 1st and 2nd waves which, in my experience, often means I'm trying to fit an impulsive rally into a correction. But, as long as channel support holds and especially 1958, it means the series of higher highs and higher lows is intact and therefore a clear uptrend is in play. The Fed news is behind us so we can go back to focusing on charts and technicals that brings us success.
I still expect the S&P to shoot up to the 2075-2100 rather quickly from here.
On another note, the AUDNZD shot up and took out my adjusted stop loss at break even, then dropped down to my target overnight in the London session, leaving me out of the trade for 0 pips. Very frustrating to say the least.
Please like this post if you enjoyed reading it :-)
Follow @PrincplAnalysis
PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.
No comments:
Post a Comment