SPX500 lower degree potential wave counts are encouraging to bears. The potential counts after terminating Wave (2) around 3230 are as follows: The drop from 3230 through 2965 could be Wave 1. Subsequent rally seems to be corrective and retraced up to fibonacci 0.618 of Wave 1, around 3160. It could be Wave 2, as labelled here. Going further, the drop between 3160 and 3024 could potential lower degree wave i (not labelled here). Yesterday's rally towards 3111 might be wave ii (not labelled). If the above probable counts hold well, SPX500 should remain below 3160 and reverse sharply towards 2750 in the short term. The index is good to sell on rallies.
Remain short, stop @ 3250 target below 2750 in the short term.
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 @ 3250 target below 2750 in the short term.
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.
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.