traderWgun

Never sell a bull market...or?

FX:SPX500   S&P 500 index of US listed shares
759 9 13
There is evidence that suggest that a correction maybe on the cards for the us indices.
The reasons why I believe that a correction could be under way:

*Shooting star on the weekly

*Evening star on the daily

*Wave 3 has reached the 238.2% extension of wave 1

*Wave (v) has reached the 1.618% extension of wave ( iii             )

*Bearish divergence on various time frames and indicators

*Fake break on 4H chart

*QQQ Powershares (which is highly correlated with SPX             )
has started to make lower highs and lower lows.

*Other correlated markets (JPY pairs) are also showing
signs for more weakness.

*5 waves up from 1073 and on several other time frames.

Look below for more charts that visualizes some of those reasons.

MY PERSONAL VIEW

I won't sell this market against the shooting star because this
is still a bull market. If you look below at the longer term chart,
you will see that there is still more upside to come.
We will probably see >SPX2000 some time later this year.

In other words, I will look to be dips on the daily and weekly.

You can follow all my demo trades at http://www.myfxbook.com/members/tlkemmy/demo/854232
Good luck.
I agree with your analysis
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snapshot

updated 1H count
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