However, the index extended beyond the standard Fib-based pattern and has essentially gone sideways for the past eleven trading days. Thus, as stated in our previous updateNamely, the rally from the April 19 $4953 low could see one more W-4, 5 sequence. Instead of a ~10% correction from the ideal $5427-53 target zone, we could only be treated with a single-digit pullback to around $5260+/-15 for the potential W-4, followed by a last W-5 to ~$5550+/-25.
In conclusion, although some charts suggest we should look higher, price is always the final arbiter. However, the Bears have so far been unable to break price below even the 1st raised warning level, and if the index can stay above $5400, and especially $5325, we see no reason to turn Bearish.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.would like to remind you that the data contained in this website is not necessarily real-time nor accurate.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Investingcom - 🏆 450. / 53 Read more »
Source: Investingcom - 🏆 450. / 53 Read more »