SPX500 overall structure remains clear for a Wave (3) to resume lower towards 2200 and beyond. In the short term though, the indice could produce a rally towards 3150/60 levels, before giving in to bears. It is not mandatory and hence one should prepare to sell on rallies or hold existing short positions. The larger degree wave structure remains very clear ad as follows: The drop between 3400 and 2200 was an impulse, Wave (1), which was followed by a counter trend rally towards 3230, Wave (2). If the above counts are correct, SPX500 should resume lower towards 2200 and 1750, as Wave (3) unfolds. We continue maintaining our bias on the short side, until 3400 is intact.
Strategy:
Short against 3400, targeting below 2200.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Strategy:
Short against 3400, targeting below 2200.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
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.
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.