Thursday, September 3, 2015

SPX S&P 500 2-Hour Chart Fibonacci Retracements Sideways Symmetrical Triangle

There is a lot going on with those lines of spaghetti above. Starting with the blue Fibonacci retracements of the drop from 2102 to 1867, price recovered 50% of the move to 1984 where it received a spank down. Price gathers itself and makes another run higher and meets resistance at the 38% Fib at 1958. The 50% Fib retracement at 1984 carries clout so if the SPX jumps higher after the jobs report watch to see if price can move above 1984, or not. If so, it will run higher above 2000 and likely target the 62% Fib at 2012.

The SPX is running sideways squeezing into to the pink sideways symmetrical triangle. Note how price moved higher but bumped its head on the top side of the pink triangle, then dropped to the lower side of the triangle, and bounced, and then today up to the top of the triangle, and is spanked back down again to close the day at 1951. Price is set up to make an important up or down decision probably based on the jobs report tomorrow morning.

The stakes are high since the vertical side of the pink triangle is about 140 points. Thus, if the bulls win and price breaks up and out of the triangle at 1960-ish, the upside target in play is 2100. If price breaks down out of the triangle at 1940, the downside target in play is 1800. The indicators are not tipping their hands. The green lines show the possie d bounce and the red lines show the neggie d spank down with price now staggering sideways about to make an important directional decision. All eyes are on the jobs report released at 8:30 AM EST New York, USA, time (1:30 PM London; 2:30 PM Frankfurt and Paris; 8:30 PM Shanghai; 9:30 PM Tokyo). This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.

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