SPX Renko Long
My present bias is for a long position in the SPX
1. Price is above the Kumo , favouring a long trade.
2. More than 2 long renko bricks have formed since recent correction.
3. Renko brick has broken above the Tanken-Sen.
4. RSI above 50 ( but not oversold)
Barrier = Nearby resistance at 2173.5
Suggested trade
Entry @ 2164.
Stop Loss @ 2130 ( beneath recent swing low)
Target 1 @ 2277 ( equal legs projection ) . 3.3 R
Target 2 @ 2353 ( 127.2 fib extension) . 5.5 R.
1. Price is above the Kumo , favouring a long trade.
2. More than 2 long renko bricks have formed since recent correction.
3. Renko brick has broken above the Tanken-Sen.
4. RSI above 50 ( but not oversold)
Barrier = Nearby resistance at 2173.5
Suggested trade
Entry @ 2164.
Stop Loss @ 2130 ( beneath recent swing low)
Target 1 @ 2277 ( equal legs projection ) . 3.3 R
Target 2 @ 2353 ( 127.2 fib extension) . 5.5 R.
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