I decided to show an example of analysis and entry into the position on Friday in SP500, using Swing Daemon 5.0. Maybe someone will find it useful ...
The date of the analysis is Friday, July 10, 01:00 GMT.
Yesterday, on Thursday, during the American session, we witnessed a sharp drop on US indices. But despite this, there is every opportunity for continued growth, judging by H1.
It is also important that the 3rd pink peak has not formed, which means there is a chance to turn the situation up and cancel the pink peaks 1 and 2.
Next, look at the M30 ... We see that yesterday's fall finally formed a pink peak 5 and completed the downward cycle. We also see that the current direction of the semaphore has changed to UP.
M15 - There is a completed downward cycle with an end at the 5th pink point. The next downward cycle is just beginning to form; there are only vertices 0 and 1, therefore, it can be canceled.
M5 - a situation similar to M15. There is a completed downward cycle. Only the vertices 0,1,2 of the new downward cycle are formed. Therefore, if the price doesn't go below yesterday's low, but turns up, then a new emerging downward cycle will be canceled. At the same time, the formation of a new upward cycle began on M5. There are clear green peaks 0 and 1. Peak 2 is likely to be further shifted down.
The conditions for opening a buy position were at 03.35 GMT on the M5 TF.
The position was opened at approximately 08.35 GMT. Buy SP500 at 3125.80.
This is what the situation looked like towards the end of the friday american trading session ...