Short
Time to Sell the SP500 Again!
This latest short squeeze rally has pushed price into resistance around $2600, and this latest move was on less volume.
The ADX prints a corrective look, which makes this wave 4 a corrective zig-zag pattern (alternating from wave 2 flat)
The RSI is turning to stay in a bearish zone.
The recommendation is to sell here with a buy stop if price moves above wave 1 or around $2610.. this wave count should hold, but a break of the rule that wave 4 cannot exceed wave 1 is a great stop indicator.
look for wave 5 to form and likely drop 12% in the coming weeks.
Thoughts?
The ADX prints a corrective look, which makes this wave 4 a corrective zig-zag pattern (alternating from wave 2 flat)
The RSI is turning to stay in a bearish zone.
The recommendation is to sell here with a buy stop if price moves above wave 1 or around $2610.. this wave count should hold, but a break of the rule that wave 4 cannot exceed wave 1 is a great stop indicator.
look for wave 5 to form and likely drop 12% in the coming weeks.
Thoughts?
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.