Bullish SPX as long as we hold above 2600

Προβληματική παραμένει η τεχνική εικόνα της αγοράς
November 18, 2018
Natural Gas week ahead.
November 26, 2018

I’ve been waiting for a pull back towards 2700-2690 as I said on twitter….

 

since prices reached the 61.8% Fibonacci retracement of the decline and stopped the rise.

 

Price has also stopped the recent decline at the 61.8% Fibonacci retracement of the latest rise….

Spx I believe has completed near 2600 a major fourth wave….

That is why I’m bullish as long as we hold above 2600. But what bulls need to show is more strength and break some important levels.

My automated system is still bearish…but breaking above 2760-2780 would turn it bullish.

Moreover a break above 2820-2830 would be a super bullish sign as prices would be breaking above the neckline of an inverted head and shoulders pattern. Are we now in the making of the right shoulder. I believe so….

Time will tell…..I have been positioned accordingly once prices fell below 2700 and with my stops at 2600, I look to add on signs of strength…..I leave the analysis and the theoretical scenarios for others to talk about….I only look at price….thank you for taking the time to catch up on my thinking.

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.