$500 at FUSIONMARKETS: $500 at MR_gold2 — TradingView

Ok, here’s a comprehensive analysis of the US500 Index (S&P 500) based on the attached chart and the same organizational formula 👇

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🔹First: Technical Analysis
• Frame rate: 4 hours
• Overall trend: Medium-term bullish within an ascending channel
• Current trends:
• Price exits previous ascending channel
• Price then corrects upwards and hits strong supply zone
• Price is currently trading below major resistance near 6840

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🔹 Elliott Wave Analysis
• Bullish Waves Within Channels: Complete Impulsive Waves
• The last drop: Wave A
• Current rise: Correction wave B
• Most likely scenario:
• Bearish Wave C will continue unless the previous peak is breached

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🔹Time Analysis
• Price has reached the reversal time window
• Time synchronization:
• Fix completed
• Reach resistance
• Time probabilities often lead to selling pressure in future trading days

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🔹Digital Analysis and Momentum
• Despite gains, positive momentum is weak
• Negative histogram → negative spacing
• Purchasing power cannot push prices above the supply zone

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🔹Fundamental analysis
• The index enjoys long-term support due to:
• Corporate profits
• Economic optimism
• But in the short term:
• Markets are sensitive to any interest/inflation data
• Any monetary tightening = Index faces correction pressure

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🔹Price Action
• Candle:
• transportation
• Top tail
• Conspicuous failure to close above resistance
• Price action indicates distribution, not aggregation

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🔹 Supply and demand area

🔴Display area:
• 6830 – 6900 (very strong area)
• 7000 – 7050 (top view)

🟢Requirement areas:
• 6750 – 6700
• 6600 – 6550 (main order)

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🔹Support and resistance levels

Resistor:
• 6840
• 6900
• 7000

support:
• 6750
• 6680
• 6600

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🔹Technical model
• Model:
• Ascending channel breakout + pullback
• Classic signal of continued decline after retest

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🔹Digital model
• Repeat weaker peaks
• Digitalization fails to reach new heights
• Weak high formation

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🔹 Harmonic model
• Forming possibilities:
• Bearish Gartley/Bat
• Reflective area:
• 6830 – 6900

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🔹Attention point
• Previous pricing was:
• 6750
• 6600

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🔹 Pivot area
• Current key areas:
• 6780 – 6820
• Trading below this level adds to the negative picture

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✅ Final recommendation

🔻 Preferred Scenario (Sell)
• Admission sales:
6900 – 6880
• Stop Loss:
6950
• Target:
• TP1: 6750
• TP2: 6680

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🔹 Purchase scenarios (alternatives and conditions)

❗ Currently no priority purchase
Only proceed if the following conditions are met:
• Clear breakout and close above 6900 points
• Target:
• 7000
• 7100
• Stop Loss:
• 6820