SPX500-bearish shark at key level

FX:SPX500   S&P 500 Index
1694 12
We can see on W1 chart:

- first lower low (price should continue the decline)
- 0.61 fib retracement as resistance
- strong structure as resistance

Here on this chart:
- ema 200 as resistance
- bearish shark already triggered
- from EW perspective price is forming a corrective structure, possibly wave 4

I would enter short now expecting price will fail to hold above 2.000 (my broker does not have it!!, will change it soon)

Best regards.
when everyone is short, stay long. simple
FullTimeTrader kemal.erdog
Hello, can you share a CHART with your prefered idea and projections? may be you have a better setup. Trading is not about talking AFTER but before the market moves. Regards.
+1 Reply
IvanLabrie FullTimeTrader
True. The wise guys always show up after the fact.
kemal.erdog FullTimeTrader
it will be better to be silent rather than %100 wrong predictions everytime... regardss!!!!!!!
IvanLabrie kemal.erdog
Actually, it is better to attempt to capture moves to make money, than being right or wrong.
If you did your due diligence, tested your strategy, found one that suits your personality and needs and be disciplined and followed your rules, then there's no mistake, even if you lose.
The mistake lies in not having rules...Bragging about picking turns doesn't pay bills. Speaking after the fact either.
kemal.erdog IvanLabrie
hi all, i guess you misunderstood me, in my first comment i just told my opinion. it is " when everyone is short, stay long" this is just an opinion and we all respect opinions. i guess you are offended with my opinion. no one needs to get angry. it was not my intension to make people angry here. opinions are opinion. i respect your opinions.
IvanLabrie kemal.erdog
Yes, but it came out as arrogand or as mockery to the poster here.
That was the problem with it. This has been a losing trade, it's emotionally hard to take losses, and add to it mockery...no fun.
Trading is hard!
+2 Reply
webmiztriz FullTimeTrader
hi FTF .. did the count change or is it just extending? thank u.
excellent diagnosis. up-trend line being tested.
Agree totally but the problem is the entries. Yesterday's rallly was vicious, going straight up like a rocket only to tank and break lower. This intraday action confirms bigger picture.
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