Murrey Math Lines 18.09.2020 (Brent, S&P 500)
BRENT
In the H4 chart, Brent has broken the 200-day moving average, thus indicating that the current descending tendency may transform into a new ascending one. However, according to Murrey Math lines, the asset is consolidating. In this case, later the price is expected to grow towards the resistance at 5/8 and then start a new correction. However, this scenario may no longer be valid if the price breaks 3/8 to the downside. After that, the instrument may continue falling towards the support at 1/8.
As we can see in the M15 chart, the asset has broken the upside line of the VoltyChannel indicator and, as a result, may continue the ascending tendency.
S&P 500
In the H4 chart, the Index is moving below the 200-day moving average, thus indicating a descending tendency. In this case, the asset is expected to continue falling towards the target at 0/8. However, this scenario may no longer be valid if the price breaks 3/8 to the upside. After that, the instrument may continue growing to reach the resistance at 5/8.
As we can see in the M15 chart, the price has broken the downside line of the VoltyChannel indicator and, as a result, may continue its decline.
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