Mario D.Conti
Short

S&P 500: end of the line

INDEX:INX   S&P 500 Index
264 0 0
Hi Traders,

The S&P500             (now at 1697) might be staging a Major Reversal on S&P500             as the Elliott Waves display an end-of-the-line pattern.

If this analysis is correct, we completed a typical pattern known as "the 5th-of-the-5th-of-the-5th-of-the-5th wave" which is, by definition, the best spot to start a major short.

The Wave Oscillator in the 4-hour chart shows a entry already (short). Not so from the the Wave Oscillator built upon a daily chart .

ENTRY

There could be a minor rally to 1700-04 or so (1-hour chart): wait for this minor pullback before getting in.

TARGETS

likely: 1596
possible: 1530
maybe: 1417

TIMING

Note the Timing on the daily chart . This reversal was supposed to be on Aug 3rd (36 days) which, unfortunately fell on a Saturday. Hence it was shifted to August 5th (38 days)

TRADING WORKSHOPS & ONE-TO-ONE
Please contact me if you want to make your trading profitable.

For more details check on http://www.fxtutors.com.au

Cheers. Mario D. Conti
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