SPX / H1 : A very probable path for retracement.

FX:SPX500   S&P 500 Index
Following on from the monthly chart sell zone identified, it seems like we now have a bearish setup showing up.
It's still quite early to anticipate the retracement path but here is a very likely one.
It suggests that we could have a nice bearish wave on wave 3 but nothing quite like a -5% drop in a single day !
So don't expect these kind of things to happen unless smth really unexpected shows up.
Anyway as the plan will move on these are the things I'll have a look at :
  • Finding the (2) entry point pbly between 61-76% retracement to short with leveraged positions with a stop above the top.
  • Once validated : plotting the trend channel from (0) (2) reported to (1).
  • Moving stops to BE when breaking down (1).
  • Lowering the stop when reaching the trend channel's bottom
  • Taking partial profits on a momentum/sinewave signal when reaching target zone between 127-161% extension of (1)
  • Selling again near 38-50% retracement of (3) with a Sinewave/Momentum signal.
  • Taking full profits on (5) point and let prices retrace back in two corrective waves.

Hope this idea will inspire some of you ! I'ld appreciate any like/follow if you feel like it deserve it ;)
You can check my indicators via my TradingView's Profile : @PRO_Indicators
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