SPX500 continues to remain vulnerable for a steep bearish reversal until prices stay below 3400 resistance. The larger degree waves are clearly suggesting that Wave (1) and (2) might be in place at 2200 and 3238 (Spot) respectively. If the above counts are correct, SPX500 would stay below 3400 mark and turn lower towards 2200 levels as Wave (3) progresses. We continue to maintain aggressive bearish stance as long as 3400 resistance holds. The right shoulder of a potential Head and Shoulder reversal pattern also seems to be ready around 3238. Look lower from here.
Strategy:
Short against 3400, targeting below 2200.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Strategy:
Short against 3400, targeting below 2200.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.