EWForecast
Short

SPX: A Turn of Some Sort is Imminent

FX:SPX500   S&P 500 index of US listed shares
141 2 2
If there's a time when people should attempt to do counter trend trade, I believe this is one of those times. We are trend traders and don't like to pick top and bottom, and the only time we will attempt a counter trend trade is if we see a 5 wave move. In 1 hour, S&P             shows 5 waves move lower. And while 5 wave move doesn't always mean impulsive, and can be part of a flat, our market correlation and higher time frame analysis suggest we could indeed get some sort of reasonable correction.

Short can be attempted with invalidation level above the high. As always, only risk 1-2% of equity per trade or we can't survive in this business. Again, note that this is a counter trend trade.

Good luck and trade safe.

-------------------------------------------------------------
Twitter: https://twitter.com/cmellon1976
Website: http://elliottwave-forecast.com/amember/go.php?r=2670&i=l1

Related Ideas

You're going to call a countertrend trade off an hourly chart and nothing more than a guess at an EW count. Good luck!
Reply
EWForecast BullBearTrading
2 years ago
If you read carefully, we have cycle study and also market correlation. But I am not going to post all of those exclusive content here.
Trading is 50-50, it's all about how you manage your risk that makes you successful. In a way, it's an educated guesswork. Good luck.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener 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 Billing Sign Out