SPX500 (spot) had rallied through 3381 levels yesterday before pulling back sharply. The indice managed to close around 3334 and also produced a classic Engulfing Bearish candlestick pattern on the daily chart. Yesterday's high could be seen as larger degree Wave (2) termination, signaling an end to the counter trend rally that begun from 2200 levels earlier. A break below the counter trend line support and subsequently 3200 would mark the beginning of a larger degree Wave (3). If the above unfolds accordingly, Wave (3) should ideally terminate below sub 2200 levels.
Remain short, stop @ 3400, target @ open
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Remain short, stop @ 3400, target @ open
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
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.