steveoliveira

SPX - MY BEARISH CASE

SP:SPX   The S&P 500 Index
558 0 3
We have two rotation zones or box of prices as you wish to call it. What i think it is important, is that we have two distinct moves that end very similar at the top of each rotation box. So we could have some downside with a very strong support at 1549, which is my Point of Control for the last 6 months (market profile chart), and then if Mr. Market wants, we could head down to the bottom of the box.

The movement until 1549 will be an ABC on the current Elliott Wave Count, and i think it has a good probability to happen. The movement from 1549 to 1400 is a low probability and we have to check the chart again after 1549 is tested. If 1549 is breached, there will be a projection that will take place and that's where i'm basing my analysis on the downside target.

One other important detail is that the gap at 1700 is still there to be filled.

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