This stock has completed several ABCD patterns to the upside these past years. Now it seems we are rolling over and a shorting opportunity is presenting itself. My current take on the overall market i am leaning towards a 2 year break consolidation patterns like in 2015-2016 and not a full blown crash like 2008 or 2003. On the very near term i think SPX is overextended to the upside.
Timing = 0 ( The market could have made its deepest low ( 24 december ) and now be on the way up for awhile)
Volume = 1 ( The volume is weak on this recent counterbounce )
Group strength = 1 (Industrials looks weak)
Entry = 1 ( I like this entry because it would be overextended)
Fractal = -1 (fractals dont support breakdown at this time)
Timing = 0 ( The market could have made its deepest low ( 24 december ) and now be on the way up for awhile)
Volume = 1 ( The volume is weak on this recent counterbounce )
Group strength = 1 (Industrials looks weak)
Entry = 1 ( I like this entry because it would be overextended)
Fractal = -1 (fractals dont support breakdown at this time)