Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

S&P 500 broke daily down channel

  • S&P 500 broke daily down channel
  • Next buy target - 2110.00

S&P 500 recently rose sharply – following the earlier breakout of the resistance trendline of the daily down channel from April (which has enclosed the previous primary ABC correction ②). The active impulse wave ③ started earlier – when the index reversed up from the support zone lying between the support level 2020.00, lower daily Bollinger Band, 38.2% Fibonacci correction of the previous upward impulse from February and the support trendline of the aforementioned down channel.

S&P 500 is likely to rise further to the next buy target at the resistance level 2110.00 (top of the previous primary impulse wave ①).

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