SPX500 seems to have terminated its counter trend rally A-B-C at 3232/35, Wave (2) here. Also note that the indice has broken below the counter trend line support, and remains into the sell zone. Further, the fibonacci 0.618 extension of Wave A has been met at 3235, where Wave C / (2) had terminated. Ideally, SPX500 should stay below 3235 going forward. The lower degree wave counts are as follows: The drop from 3232 through 2965 was an impulse. The corrective rally has also reached fibonacci 0.618 of the drop, around 3130/50 levels. If the structure holds, SPX500 should witness a sharp drop towards 2537 in the short term. We favor bearish stance against 3235, going forward.
Short now, Stop @ 3235, target @ 2537.
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.
Short now, Stop @ 3235, target @ 2537.
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.