SPX : election blues
Updated
Whether the first wave from the low is over or not, the second wave is coming soon and targeting one is always a throw of the die. A second wave can go anywhere from stopping in a preceding 4th to fully retrace the preceding movement. So here are the levels to watch :
If one level is broken, the next becomes a magnet. Except the last one (full retrace), which invalidates the count if broken.
Three election outcomes could scrap all this wishful thinking : a Trump win, a democratic sweep, no clear winner. Anything else, we'll have a 2nd wave, followed by a third.
Happy trading
- 2123 to 2131 (preceding 4th)
- 2115
- 2106 (.618 retracement)
- 2083 (full retrace)
If one level is broken, the next becomes a magnet. Except the last one (full retrace), which invalidates the count if broken.
Three election outcomes could scrap all this wishful thinking : a Trump win, a democratic sweep, no clear winner. Anything else, we'll have a 2nd wave, followed by a third.
Happy trading
Note
Is the 2nd wave over ?Note
In terms of level, it achieved the minimum requirement, but the 1st wave lasted about 2 days and a half. So a mere 4 hours seems a little short for the completion of a complete counter move.Trade closed: target reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.