SPX500 might have completed its counter trend rally at 3020/30 levels or is close to completing. Since past few weeks we have been bringing up a potential bearish reversal count in SPX500 and it looks to be mature now. The rally between 2200 and sub 3000 levels is just a counter trend and it would be a grave mistake to take this otherwise. According to the wave counts, SPX500 has carved larger degree Wave(1) and potential Wave (2), at 2200 and sub 3000/30 levels respectively. While the Head and Shoulder patter also looks clean with LS, Head and potential Right Shoulder carved around 3000/30 levels yesterday. If the above counts and pattern holds well, SPX500 should begin its Wave (3) lower anytime soon.
Strategy:
Short against 3400, targeting below 1750.
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 1750.
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.