SPX500 weekly chart is carving a shooting star and if the indice closes below 3200 mark this Friday, the pattern would complete. Certainly, this does not confirm a reversal but potential remains for a curve lower next week. Looking at the facts again, the drop from 3400 to 2200 was sub divided into 5 waves, Wave (1) on the chart. Potential Wave (2) rally has been corrective and had induced enough confidence among investors, which is a typical property. If the above counts hold well, SPX500 will remain below 3400 and Wave (3) should resume lower towards 2200 handle at least. The fibonacci projections are towards 1750 and beyond, as the indice prepares for a historic drop, going forward.
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.