US500 bearish analysis
Bearish case for US500. With UVIX going below lower lows on August 15, and US500 going above 5566.2, I think the case for 5673.5 being a long-term top is out.
This count still sees price action from October 2022 low as corrective; however, with ((1)) longer than ((3)), this count imagines a large ending diagonal playing out, with price action currently forming wave ((4)) of iv.
If correct, wave ((4)) would have a regular flat (A) and (B), looking for impulse (C) to get price below 4700.
Key supports at 5329.5 and 5153.4.
This count still sees price action from October 2022 low as corrective; however, with ((1)) longer than ((3)), this count imagines a large ending diagonal playing out, with price action currently forming wave ((4)) of iv.
If correct, wave ((4)) would have a regular flat (A) and (B), looking for impulse (C) to get price below 4700.
Key supports at 5329.5 and 5153.4.
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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.