Hello traders and investors. I am Radi Valov, a professional trader and today I will share with you an update to my analysis of S&P500 and Dow Jones. Anyone who wants to see larger time frames can see them in my previous Elliot waves market analysis from:
25.02.2022: Elliot Waves trading idea for SP500 DowJones and Nasdaq
15.02.2022: Elliot waves trading idea for SP500 and the Dow Jones
04.02.2022: Elliott waves signal for S&P500
31.01.2022: Elliott waves signals for SP500 and Dow Jones
S&P500-Daily Chart
Ever since my previous analysis, I have considered the correction for wave 4 as completed with the bottom in 4100 for SP500, 32200 for Dow Jones. From there, upward movements developed, which have a rather complex structure and can be considered as the initial diagonal for wave 1 (with red on the trading chart), the alternative scenarios allow this upward movement to be the last intermediate X wave (with blue on the trading chart).
According to the first option, the price has already found support and we will not see a new SELL but will start a new upward movement with an initial target area around 4500-4580 for SP500,34500-35000 for Dow Jones.
The alternative scenario allows in the coming days to see a final downward movement for wave Z that will eventually reach the area around 3980-4040 for SP500 and 31800-32100 for Dow Jones.
Sign up, trade, and get the chance to win from a $2,600 prize pool
###
All information has been prepared by TraderFactor or partners. The information does not contain a record of TraderFactor or partner's prices or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information. Any material provided does not have regard to the specific investment objective and financial situation of any person who may read it. Past performance is not a reliable indicator of future performance.
No comments:
Post a Comment