FX:SPX500   S&P 500 index of US listed shares
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So as everyone may be aware, the indices made up of stocks is in quite a decline, however observing the bigger picture the indices indexes are in need of a correction.

Looking at the SPX500             ( S&P 500             ) the two ares of support are pivotal to knowing what is going to happen next. If price can close below these support lines then I anticipate that a deep correction is on our hands. I will be placing sells below these lines with two targets:

Target 1 = 76.4% Fib support
Target 2 = 61.8% Fib Support (Note: I will move my stop loss if it moves in this direction and check that the correction does not retrace as far as the 50% fib.

For more info, please sign up to my website which I am currently building due for release later this year! http://www.ejfxtrading.com
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