SPX500 has most probably completed a lower degree wave ii, corrective flat around 3184 yesterday. If this holds well, the indice should stay below 3200 ad reverse sharply towards 2750 in the near term. The indice is trading around 3145 and a break below 3120, immediate support should be extremely encouraging to bears. At a larger degree, the indice has carved Waves (1) and (2) at 2200 and 3230 levels respectively. If the larger degree counts are correct, SPX500 should remain below 3230 and continue lower from here. Also note that the conventional Head and Shoulder reversal pattern might have carve its potential Right Shoulder around 3230. If this is correct, the next large move should be lower below 2200 mark.
Strategy:
Aggressively 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:
Aggressively 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.