SPX has been on been on a clear downtrend for obvious reasons we're all aware of and has had its relief rally (ABC correction) that I have posted about before at the most recent major low/bottom.
The question now is whether or not markets will continue the long-term down trend from this point forward. Personally I believe reality will come back to the markets...
A potential area for SPX to finish wave 5 and have a short ABC correction before heading down more.
We are oversold on the 4 hourly and struggling to break through a major support area.
A break of the support level means we'll head down further so I am currently waiting for bulls to show some strength before getting into this play.
Let me know what your guys...
**NOT FINANCIAL ADVICE**
Potential long from the bre ak of resistance and trendline that has been forming since 25k. We have some bullish divergence on the 1hr/4hr timeframes with quite a few wicks to the downside indicating sellers are exhausted and BTC is due for a correction after the Powell dump.
With this said the market is currently in free fall mode and...