(Note: some of the waves look very crushed in this chart, because I composed this count on a 5m chart and trading view won't let me publish at a finer resolution than 15m)
I have taken profits on my first long trade on SPX. I traded SPXL (leveraged SPX) from the bottom of this form to the current price point.
I have closed because I think we go down here to the bottom at once of the gaps I highlight.
We have a complete set of short-term waves and two downside gaps.
I think we will gap fill to roughly 3800 and 3650 respectively.
I will aim to re-enter the market at one of these points depending on how deep the corrective move goes.
I am ultimately expecting a higher low here.
This is because the gappy form you see in this chart is actually part of an island reversal (if not a double-island reversal) which is very bullish.
Watch the indicators and trade carefully.
I have taken profits on my first long trade on SPX. I traded SPXL (leveraged SPX) from the bottom of this form to the current price point.
I have closed because I think we go down here to the bottom at once of the gaps I highlight.
We have a complete set of short-term waves and two downside gaps.
I think we will gap fill to roughly 3800 and 3650 respectively.
I will aim to re-enter the market at one of these points depending on how deep the corrective move goes.
I am ultimately expecting a higher low here.
This is because the gappy form you see in this chart is actually part of an island reversal (if not a double-island reversal) which is very bullish.
Watch the indicators and trade carefully.
