The S&P 500 Elliott wave structure remains bullish. Either the trend continues straight on towards a new all-time high or we might see some more sideways extension before resolving to the upside. Both scenarios appear equally likely at this stage. A trend following strategy inside the yellow trend channel looks like an attractive risk/reward from our perspective. A downside break of 2,700 or the yellow trend channel shifts odds towards the red scenario.
The clue is here that the wave pattern does not show a 5 wave structure to the upside yet. Hence it probably extends up even if the red scenario plays out. That means that we may get out even in this trade if we are wrong. All in all, a nice setup.
Targets and s/l within the green/red trade box
The clue is here that the wave pattern does not show a 5 wave structure to the upside yet. Hence it probably extends up even if the red scenario plays out. That means that we may get out even in this trade if we are wrong. All in all, a nice setup.
Targets and s/l within the green/red trade box
Comment:
Trail the S/L to the point of entry
Trade closed manually:
Exiting now. Risks on downside dominate currently.
Comment:
+0.5%
We'll let wave structure develop further until giving a sell signal here.