While the SPx is bullish on lower time frames overall we are in a neutral sequence. My thoughts are we are making an expanded flat in an XWY sequence of 7 or 11 swings to complete the pullback on wave II of our current bullish impulse wave. We are still making this long and drawn out correction and will continue to see deeper prices than we are now. My expectation is somewhere around 4000. If we do reach that price then I'll be looking for a buy to carry upwards on the next wave up.
If we break above the previous high of 4807 then we are already making wave III and the february low was the completion of II. As long as we fail to rally above that zone then we should see further downside in the short term. Expecting an ABC correction to complete the cycle here.
Tough area to trade and will influence crypto greatly but we just have to change our tactics and continue to trade profitably. Good luck
If we break above the previous high of 4807 then we are already making wave III and the february low was the completion of II. As long as we fail to rally above that zone then we should see further downside in the short term. Expecting an ABC correction to complete the cycle here.
Tough area to trade and will influence crypto greatly but we just have to change our tactics and continue to trade profitably. Good luck