SPY 361 (Long term) + A little bit about me
Zaktualizowano
Hello everyone, skip this first paragraph if you would like to get into my T.A straight away. I just want to let all of you know about the purpose of this blog. I have always dreamed of becoming one of the best traders that has ever lived. I dream of being up there with the likes of Jessie Livermore, the "Boy plunger". I know it will be a long and rough ride, but I thank all of you that look at my T.A and stick around for my journey to the top.
Technical Analysis
First and foremost, the market is looking incredibly bullish at the moment. Although the volume isn't as high as I would like it to be, I think it is expected for the summertime.
Harmonic Wave Analysis: As we can see from my chart, we have appeared to just come out of a wave 4. Wave 4 does seem to be a pretty shallow correction, but what it lacks in depth it makes up for in length. In addition to this, the market is incredibly bullish at the moment, so it would make sense why the correction isn't too deep. The target for the SPY in the future is the 354-361 area. (These are the 2.414 extension of wave 1 and the 0.618 extension of wave 0-3.
Moving average analysis
On the 2 hour chart, we have bounced off the 200 EMA for the second time which leads me to believe we are going higher up.
On a bigger time frame, such as the daily, we have just seen a golden cross (55 ema crossing over the 200 ema)
This is an incredibly bullish signal.
RSI analysis:
Although there is nothing really appearing on the daily rsi, it is important to note the bullish divergence we have seen on the rsi for the wave 4. This divergence is another sign that we are probably heading a lot further up.
As for the MACD: I do not see many signals coming from this indicator. Although on the 2 hour it is bullishly diverging, on the daily, there is nothing coming out.
TLDR: I believe that the SPY is on its way to 361.
If you agree or disagree with my analysis, please leave a comment as to what you think is going, but regardless of where you think the SPY is going, if you think my T.A is solid, show me by dropping me a like.
Anyway, have a great day,
and as always, happy trading!
Technical Analysis
First and foremost, the market is looking incredibly bullish at the moment. Although the volume isn't as high as I would like it to be, I think it is expected for the summertime.
Harmonic Wave Analysis: As we can see from my chart, we have appeared to just come out of a wave 4. Wave 4 does seem to be a pretty shallow correction, but what it lacks in depth it makes up for in length. In addition to this, the market is incredibly bullish at the moment, so it would make sense why the correction isn't too deep. The target for the SPY in the future is the 354-361 area. (These are the 2.414 extension of wave 1 and the 0.618 extension of wave 0-3.
Moving average analysis
On the 2 hour chart, we have bounced off the 200 EMA for the second time which leads me to believe we are going higher up.
On a bigger time frame, such as the daily, we have just seen a golden cross (55 ema crossing over the 200 ema)
This is an incredibly bullish signal.
RSI analysis:
Although there is nothing really appearing on the daily rsi, it is important to note the bullish divergence we have seen on the rsi for the wave 4. This divergence is another sign that we are probably heading a lot further up.
As for the MACD: I do not see many signals coming from this indicator. Although on the 2 hour it is bullishly diverging, on the daily, there is nothing coming out.
TLDR: I believe that the SPY is on its way to 361.
If you agree or disagree with my analysis, please leave a comment as to what you think is going, but regardless of where you think the SPY is going, if you think my T.A is solid, show me by dropping me a like.
Anyway, have a great day,
and as always, happy trading!
Transakcja zamknięta: osiągnięto wyznaczony cel
Hey everyone, I hope that this finds you well. If you followed my T.A you made quite the astounding profit on the SandP500 ,although I was 2 dollars off of catching the high, I would say that I am pretty proud of my efforts and work on this one. If you haven't gotten out, I would strongly recommend that you do now. Have a nice day, and good luck in the weeks to come. I will probably post another SPY update later on in the month or upcoming weeks.
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