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U.S Election May End Uncertainty

ByAxiory
AuthorTomasz Wisniewski
Published 11/03/2020, 07:03 AM
Updated 01/03/2021, 09:10 AM

Happy US Election day everyone! The day we have all been waiting for is finally here and I have to tell you that traders seem very optimistic about the results. Actually, to be honest with you, I don’t think that traders actually care who is going to win. Are we going to experience a blue or red wave, I reckon that traders are just happy that this uncertainty will end soon and we will be able to come back to hard data, not speculations.

In this Trading Sniper video, we will start with the S&P 500, where everything is going according to the plan. What plan you may ask? Well the plan that the technical analysis was giving us hints about. The price perfectly bounced from the 23,6% Fibonacci and went significantly higher, creating a nice inverse head and shoulders pattern. As long as the price stays above this Fibo, the sentiment is definitely positive.

I need to also say few words about DAX. The price is continuing an upswing started by the hammer candle bouncing from the 38,2% Fibonacci. The best thing about those setups is that we were predicting those movements on Friday and Monday in our analytical videos! The next target is on the neckline of the H&S formation. Chances that the price will get there are relatively high.

We will finish with a strong reversal on oil. It seems that the sell signal coming from the breakout of the lower line of the triangle is no longger relevant. The price reversed sharply and is on its way to come back inside of the triangle. What is remarkable here are two candles from Friday and Monday, which create together a bullish engulfing pattern. This formation is usually a pretty strong signal to buy. If we combine that with a false breakout we have a very explosive bullish mixture

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