time for a pullback on the SPX500
Updated
Markets don't move in a straight line up and when overbought, they will revert to the mean. Given the economic circumstances and the Fed withdrawing liquidity, I think that time is now.
My primary Elliott Wave count has a pullback to at least 2900 for an ABC correction. However if we get an impulse to 2700, then I'd expect a small bounce and another drop to ~2580.
I'm a long term buyer at either of these levels, but short until then.
My primary Elliott Wave count has a pullback to at least 2900 for an ABC correction. However if we get an impulse to 2700, then I'd expect a small bounce and another drop to ~2580.
I'm a long term buyer at either of these levels, but short until then.
Trade active
Opened a couple of leveraged positions at 3189 and 3186Note
Took some profits at 3155. The price action is looking corrective to me, but I'll keep one of the trades running in case there's more downside. I have opened a hedge long at 3154 in case we get a higher high. Stop now at breakeven.Note
Trade is looking great! 3140 and bleeding out.
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