Food4Thought
Short

Three Wave Drive Short to Long Transition

SP:SPX   S&P 500 Index
165 1 0
This trade needs little explanation, corrections so far have failed at the 61.8 fib retracements; the second, was achieved today, and as such, I am short from the closing price. A breach above the 0.786 level will signify a failure of the price structure and invalidate this trade.

Targets are located between the 1.27 and 1.618 fib retracements. The previous decline shows what we can hope to expect. Technically this pattern is more consistently traded from the 1.27/1.618 region, however I have chosen to piggy back this wave down seeing as the upside risk is limited for this index.
Price is showing hesitation to break the 1600 level.
Should price fail to break through 1600 next week I will look to reassess and potentially close the trade.
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out