FullTimeTrader
Short

SPX 500 - Long term short bias - critical level 2100

FX:SPX500   S&P 500 Index
1103 5 17
I think we are at a critical level now, thats why today despite of good fundamental news the index retraced.
We might be at front of a sudden reversal or correction because the market never goes directly to the stars.

Some reasons to consider.
- We have a perfect bearish crab completed.
- More than 20 candles ride on bollinger band , when this happens price tends to meet the middle (20 SMA ).
- Strong continuum divergence, price tends to return to the level where the continuum divergence started.

We have three posible targets:
- Target 1: the middle of the bollinger bands (20 SMA )
- Target 2: 0.23 fib retracement and/or the opposite bollinger band .
- Target 3: 0.38 fib retracement, not very realistic now but thats the usually way to trade a harmonic pattern .

It is interesting to see that fib target levels coincide with important levels of S/R
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I agree with this fundamental opinion:
"The Fed definitely wants to return interest rates to more "normal" levels, and the jobs report today basically gives the Fed some leeway in raising rates.
Few would fault the Fed for a rate hike or two, but then again, it has been so very long since we have seen a rate hike that many bulls are concerned
that stock and bond markets might panic"

Best regards.
Target 3 (1550), which is previous 2 tops should be there by June-15
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FullTimeTrader sharad.gupta.7503
Hi, yes sure, if we trade the harmonic pattern the target 3 is reachable (but no sure about the date).
Reply
sharad.gupta.7503 FullTimeTrader
It has to be fast and furious as 90% world and traders are on long side for last 3 years in all world markets...Distribution of this fall has started from December 2014, and six months is enough for selling/distributing.
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sharad.gupta.7503 sharad.gupta.7503
see my twettes regarding this @sunshinechem, am a trader in India for last 35 years.
Reply
FullTimeTrader sharad.gupta.7503
Agree, this index is extremely overbought and the fall must be dramatic.........best regards.
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