2022/01/12 14:17 PM – SP 500 MINI FUT – H4 – RISING WEDGE IN PROGRESS !

SP500 MF-H4-RISING WEDGE IN PROGRESS ! by Ironman8848 on TradingView.com

4 HOURS (H4)

A RISING WEDGE is in progress on the 4 hours chart.

61.8% Fibonacci retracement @ 4’718.25 filled early in the morning and since then the SP500 moved in a sideways price action in making a first DOJI before the last ongoing candle.

The recent “corrective” rally failed to recover above the H4 clouds resistance which are slightly above the 61.8% Fib ret previously mentioned.

IMPLICATIONS OF FURTHER DEVELOPMENT ( rising wedge breakout) :

A) Validation of the rising wedge by a downside breakout of the 4’690 level on H4 closing basis
Technical target @ 4’587 (roughly the former low and potentially a double bottom pattern !)

B) Invalidation of the rising wedge by an upside breakout of the clouds resistance area which would open the door for higher levels towards the former ATH above 4’800 (potential major strategic double top !)

Watch shorter intraday time frames to get more clues and validation or invalidation of what has been previously mentioned.

Watch also the daily closing level, as the Mid Bollinger Band is currently @ 4’707 and a failure to close above that level would also be an additionalwarning signal putting the focus again on lower level towards the D1 Kijun-Sen @ 4’665

Ironman8848 & Jean-Pierre Burki

Disclaimer / Avertissement :

All views expressed on my analysis are my own and do not represent the opinions of any entity, whatsoever with which I have been, I am now or I will be affiliated with. Any action you take upon the information on those analysis is strictly at your own risk and should not be considered as an advisory. The author assumes no responsibility or liability for any errors or omissions in the content of his analysis. The information contained is provided on an «as is» basis, with no guarantees of completeness, accuracy, usefulness or timeliness and without any warranties of any kind whatsoever, express or implied. 

Toutes les opinions exprimées dans mes analyses sont les miennes et ne représentent pas les opinions d’une entité, quelle qu’elle soit, avec laquelle j’ai été, je suis ou je serai affilié. Toute action que vous entreprenez sur la base des informations contenues dans ces analyses est strictement à vos propres risques et ne doit pas être considérée comme un conseil. L’auteur n’assume aucune responsabilité pour toute erreur ou omission dans le contenu de ses analyses. Les informations contenues sont fournies “en l’état”, sans garantie d’exhaustivité, d’exactitude, d’utilité ou d’opportunité et sans aucune garantie de quelque nature que ce soit, expresse ou implicite.