SPX - Downside into Thanksgiving?
It's a great day in the world and I hope you're having a great day as well. I'm looking at the potential for SPX to make a downward move going into next week as it has in prior years.
I'm looking at a 5 wave structure down from the highs in early November followed by what currently appears to be a 3 wave structure up into where we currently are.
If the structure is correct, we should move up a little bit today into the golden zone that I've outlined on the chart and reject from there. If we do get that rejection and we start to take out some of the pivots which I outlined in the video, we should have increased confidence in the short idea.
Nothing is certain and all trades should have risk managed in some way or another, but we should see a move down to 5800 if this holds true. It's about a 180 point move from where we are now with only about 25 point risk.
Trade carefully and always ask questions in the comments below if you have them.
I'm looking at a 5 wave structure down from the highs in early November followed by what currently appears to be a 3 wave structure up into where we currently are.
If the structure is correct, we should move up a little bit today into the golden zone that I've outlined on the chart and reject from there. If we do get that rejection and we start to take out some of the pivots which I outlined in the video, we should have increased confidence in the short idea.
Nothing is certain and all trades should have risk managed in some way or another, but we should see a move down to 5800 if this holds true. It's about a 180 point move from where we are now with only about 25 point risk.
Trade carefully and always ask questions in the comments below if you have them.
CE - BitDoctor
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