Hellena | SPX500 (4H): Short to 38.2% Fibo lvl 5205.

Dear colleagues, I think that the price has either already completed or is about to complete the impulsive movement in wave “1”, so I expect the beginning of correction at least to the area of 38.2% Fibonacci level 5205. It is quite possible that the price will update the high and reach the area of 5375 before starting the correction.

Manage your capital correctly and competently! Only enter trades based on reliable patterns!

Comment:

Colleagues, I believe that wave 4 has started its movement, although we will know exactly about it today, because wave 4 may be a bit shorter than I think.

Comment:

In the coming week, I expect an update of the high of 5328 with the aim of reaching the resistance area of 5375, then I will look for an entry point to a short position.

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The price almost made a new high and now I believe that the probability of reaching the 5375 resistance area has become more likely. After updating the high, I will be looking for a short entry point.

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The price is in a narrow range. This may indicate that there are fewer and fewer buyers. But an update of the high is still possible - the last push)

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It looks like the high has been updated and now expect to reach the 5375 resistance area. Then I will look for a short entry point!

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Dear Colleagues, the price did start a downward movement, before it updated the high of 5329.
This is good, but I do not recommend to exclude the possibility of updating the maximum again and reaching the resistance area.
In this regard:
I recommend to close some trades or should set trades to breakeven!
(Breakeven=Risk Free: Move Stop loss to the entry level).

Comment:

Colleagues, the trades should be set trades to breakeven, so we are not worried if the price decides to retrace the high, but I still assume that in the coming week the price will retrace the low and start moving towards the 5205 target.

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Colleagues, the price is making a correction. It is quite possible that the price may renew the maximum, but I believe that the probability is low and wave “5” has already ended.
Therefore, I expect the price to decline.

Comment:

Colleagues, the price has almost reached the target range of 5205. I expect the scenario to end soon.
I hope that you should set trades to breakeven.
(Breakeven=Risk Free: Move Stop loss to the entry level).

Comment:

Dear colleagues, the price has almost reached the target!
If you do not want to take risks, you can close positions with a good profit, because correction is possible.
On the other hand, the correction may give us an opportunity to go short again)