Island Top! Get Ready For Some Drop!

SP:SPX   S&P 500 Index
Hey Traders! We are back after a holiday and getting ready to make more $$$. Cash all longs and get ready for a new position and new ride.

Price is unable to break through a upper trendline and has eroded time sitting there. As this business goes, time is money and time for the bulls to give it up and surrender to the bears. ( No offence or anything personal bulls, it's just business).

Ok, let's get into it. Island topping formation on 1hr, 2hr, 4hr. If price cannot break out of the grip of the overhead resistance bears have to take over from here. They have lot's of room to roam so we as traders have lot's of money making opportunity $$$ :) Price has a good chance at falling to 4410 area for starters and by the looks of today's close we start that journey tomorrow. If we break through 4400 area our next target will be in around 4365.15 area after which we could get a nice bounce. More on that later as the charts reveal ;)

Until my next follow up, trade smart, trade with caution. Trade the charts not the rumours. Remember ; Charts never lie people do.
Wow! that top took a long time to come. Closing out longs too early is better than closing too late. Keep that in mind. No one is perfect.

What I am doing from now on is adding a ADX indicator to my method of timing as to not miss out on any extended price movement from the market manipulators. On a daily and weekly you can clearly see over the last two weeks price trickling up with hardly any volume indicating manipulation in which I refused to get sucked into reentering into a long on SPX. Instead I jumped into Forex Pound/U.S dollar, to satisfy my trading itch with less risk to being "rooked in" as they say.

Ok, so it looks like we should be able to continue with the short idea and wait to see the carnage unfold before Christmas Holiday. Overnight London session should tell a story along with U.S. open Thursday.

As long as all goes as planned I will likely not be back in here until after Christmas so wishing you all the very best and a great Holiday along with fantastic profits :) Until next time traders .... Christmas cheers with lots of beers!

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