Hey guys !
I know I haven't been actif lately, I apologise for that, my other projects are taking up all of my time and focus sadly and it's not about to change for now at least.
Also, as you've noticed, there's haven't been many good opportunities to buy the last few months... So, it's been best to simply stay out.
Anyway, here's a quick update on the S&P500
S&P500 - It seems we might have finished potential wave 5 of higher degree wave C here.
It's of course still possible that pink wave 4 isn't yet over, thus stay cautious some more but since sentiment is now extremely bearish, it's a good contrarian indicator as you know, so, it might no be a bad idea to test the water so to say.
Personally, I'll try a small long position with a stop around 4200 IF price goes above the pink MA, which is simply the 5Day EMA.
If it goes well and signs of a reversal start to increase, I'll look to add.
If stop is hit or setup isn't triggered, I'll reassess the setup after price drops a bit below 4200.
I know I haven't been actif lately, I apologise for that, my other projects are taking up all of my time and focus sadly and it's not about to change for now at least.
Also, as you've noticed, there's haven't been many good opportunities to buy the last few months... So, it's been best to simply stay out.
Anyway, here's a quick update on the S&P500
S&P500 - It seems we might have finished potential wave 5 of higher degree wave C here.
It's of course still possible that pink wave 4 isn't yet over, thus stay cautious some more but since sentiment is now extremely bearish, it's a good contrarian indicator as you know, so, it might no be a bad idea to test the water so to say.
Personally, I'll try a small long position with a stop around 4200 IF price goes above the pink MA, which is simply the 5Day EMA.
If it goes well and signs of a reversal start to increase, I'll look to add.
If stop is hit or setup isn't triggered, I'll reassess the setup after price drops a bit below 4200.
Note
S&P500 - Long at 4269. Stop half at 4242 and rest at 4216.Small position first.
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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.