trip.trading
Short

S&P500 - 5 wave up, abc down?

FX:SPX500   S&P 500 index of US listed shares
156 0 3
I try to be as neutral as I can, but this seems a lot like a short term High in progress, and close to finishing wave 5 up or B up.

The corrective wave APR             20-MAY 19 has to be either wave 4, wave II or wave II-a. In every scenario, the count should lead to an abc pattern down next, wave II, targets @ 2010 (purple and blue) or 2080 (orange). Is it this easy? Hmmm...If I see this, then more people see the same as me and a short squeeze is inevitable.

Based on these scenarios, you should place a stop loss on the longs of 2080 or higher. And wait for price to set a High, take some money off the table by closing the longs and/or overweight short positions for a 2% or 5% corrective wave. After wave II, Wave III             should set new Highs > 2135 and has a target of 2300+.

This is the 2nd week in an uptrend, 14, 28 and 42 calendar day cycle JUN 2/3, and a Bradley Model Date JUN 1 and 4, could indicate a change in trend is coming.
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