munyaelliott
Short

S&P 500 Head and Shoulders Pattern SELL Trade

SPCFD:SPX   S&P 500 Index
Coupled with the tech sell-off that occured today, this is going to be a nice trade in the direction of the market. I expect the price to tank close to the 2593.05 level, due to the head and shoulders pattern that is visible on the Hourly timeframe. The price seems to have broken the ascending trendline a bit, so it is good to wait for more confirmation before entering any trades. As always, wise traders follow the market, as opposed to fighting it, therefore, if we get more selling action, we will enter a sell trade.
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