S&P 500 IndexShort
SPX500 might have topped just below 3400 mark
SPX500 had reversed sharply after printing highs around 3399.5 (spot) on August 19, 2020. The drop towards 3354 could be lower degree wave i, which is followed by potential wave ii corrective rally yesterday towards 3390. If the above proposed wave structure is correct, SPX500 should stay below 3399.5 and turn lower towards 3200 support, as wave iii of a similar degree unfolds. Alternately, if 3399.5 gives up, the indice might still be underway to terminate higher. For now, we would remain bearish until prices stay below 3399.5 levels.
Remain short, stop @ 3400, target is 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 is 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.
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