Open short position on 2717. SL at 2742 and TP 2623. So RRR near 3.8. But a big stop loss is required to use a small order value.
1. Last Sell Zone that started the sell off. 2. Shall wait to see how price reacts in that zone. 3. Short at 2703 for a good RR. 4. RSI is very overbought 5. Harmonic Bat pattern as well. 6. Volume is still low in this rally. A lot of sideline money on the fence, thus probability for another downward move is still possible. *If price breaks this level, mindset...
This is a monthly chart that shows important relationships in terms of price and time. As we can see, through the 2008 crisis the market plunged almost 60% and saw around 350% increase thereafter, painting an all-time high in September 2018. Currently, the 10-year-cycle is seemingly done and another big selloff in the equity market appears to be zooming. The 25%,...
SNP500 – Resistance & Support: Resistance: 2835.00 / 2875.00 / 2920.00 Support: 2785.00 / 2700.00 / 2600.00 / / 2500.00 / 2475.00 SNP500 – Summary: Expected to complete Intermediate B (red) correction at or around the 2835.00 Levels. Impulsive Bearish Wave expected to start at or around the 2835.00 Levels. If an overshoot and a Bullish Swing would occur, then a...
The question is not if it's going to drop that hard, the question is if it's gonna honor the fibs and provide a good entry. When it hits the fan, don't say you weren't warned.
Patterns are of course open to interpretation, it's an individual thing. When combined with price action and some basic tools. You may find multiple aspects of confluence. There are many here, the underlying tone at this time is bearish. News may change the outcome temporarily.