S&P 500 IndexShort
$SPX conflicting indicators, manage risk carefully
TLDR; indicators wave trend with divergence printing red dot and heading down, obv oscillator with divergences also producing bearish volume divergence are showing that we are in a topping process. RSI is the final indicator which is not giving me bearish divergence yet.
There is a risk forSPX to descend to the 4030 area for wave D in this rising wedge triangle and up for wave E anywhere between 4174 - 4300
Ultimately I believe we are in a larger ABC correction where we had abcde megaphone pattern for Wave A, currently in Wave B (which is a correction of Wave A), what will follow is a very destructive Wave C taking us anywhere between 3490 to 1450 for SPX.
Currently in SHORT from 4153 average with stop loss above 4350
Will add more if we achieve 4174 again and will slowly add in increments on the way to 4300 if we get there.
This week we have the FOMC minutes which can give a scam pump. I wonder how many times 'Disinflation' is mentioned on the report lmao
There is a risk for
SPX to descend to the 4030 area for wave D in this rising wedge triangle and up for wave E anywhere between 4174 - 4300Ultimately I believe we are in a larger ABC correction where we had abcde megaphone pattern for Wave A, currently in Wave B (which is a correction of Wave A), what will follow is a very destructive Wave C taking us anywhere between 3490 to 1450 for SPX.
Currently in SHORT from 4153 average with stop loss above 4350
Will add more if we achieve 4174 again and will slowly add in increments on the way to 4300 if we get there.
This week we have the FOMC minutes which can give a scam pump. I wonder how many times 'Disinflation' is mentioned on the report lmao
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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.