trading2day
Long

SPX correction ended or near its end

SP:SPX   S&P 500 Index
527 4 2
Similar downward correction as before. The decline could go even towards 1540, although I give more chances that it is over. No downward impulsive wave pattern means the downward move is corrective. Downward price action is overlapping, thus corrective. I expect prices to regain upward trend again. First SPX             needs to break above 1598 and then break resistance at 1616. Important intermediate resistance level 1654 (High on day of FED announcement)
Nice trade!
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if it breaks again below 1580, I can see it too towards 1540
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For the sake of argument, I'll suggest that it's going lower or sideways to the bottom of this longer term channel:
snapshot
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It makes sense when are so many people expecting another round of selling...up up in a way...those bearish minded will cover later and will give fuel to the next rally W5...
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