Bing short on SPX.
SPX along with other markets have been in a massive uptrend from past several weeks.
But we are about to see a potential change in trend.
On the chart you can see I have a pitchfork from the bottom, which has helped me a lot during this entire up trend, its levels have been respected very well.
But now we are about to hit the top of the pitchfork very soon, this calls for either a good rejection or a change of trend.
Along with the pitchfork we have a weekly harmonic pattern and SPX is hitting its prz. I have indicated the entry and Stop loss.
What I am watching is a weekly close either below the white line which will make a bearish engulfing week for SPX or even better a weekly close below the yellow line which result in change of trend.
Along with the pitchfork and the harmonic we also been in a trend of a green week followed by a red week from past 5 weeks, and I am expecting next week to be a red week.
But we are about to see a potential change in trend.
On the chart you can see I have a pitchfork from the bottom, which has helped me a lot during this entire up trend, its levels have been respected very well.
But now we are about to hit the top of the pitchfork very soon, this calls for either a good rejection or a change of trend.
Along with the pitchfork we have a weekly harmonic pattern and SPX is hitting its prz. I have indicated the entry and Stop loss.
What I am watching is a weekly close either below the white line which will make a bearish engulfing week for SPX or even better a weekly close below the yellow line which result in change of trend.
Along with the pitchfork and the harmonic we also been in a trend of a green week followed by a red week from past 5 weeks, and I am expecting next week to be a red week.
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