FX:SPX500   S&P 500 index of US listed shares
189 0 3
In the last Analysis, I mentioned about a possible Head and Shoulder Formation. This formation is clearly invalidated now. The pattern was there and moreover the neckline was broken text book perfect. The market played it's trick and continued the other way. On the other side, we are still not out of the woods as the price has NOT broken out of the Resistance Zone (shown as a red box). A vague 1-5 elliott wave count can be detected and the market is higly overbought (many traditional indicators confirms it). It is not a time to go LONG in my opinion and we need a strong down -thrust breaking the trend (in blue) for possible short entries. I would recommend to stay away from the index at this moment and wait. Good Trades

Related Ideas

Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out