alx13

Possible EWT pattern. Good short once it completes

Short
FX:SPX500   S&P 500 Index
The June decline appeared to be impulsive, given the 3 consecutive lower lows. But because the beginning of that decline was taken out, that leaves a flat on the table (3-3-5 structure). I suspected that from the beginning because the last wave was not a clean impulse, which meant it is likely a b-wave low.

This looks to be an ED ( ending diagonal ), or the entire big B wave could be a triangle. Doesn't really matter which is which at this point, as once it completes, we should see a C wave lower, taking off at least the A low (3000). I expect it to go much lower to be honest (2850 would be my 1st target, 2650 my 2nd one ).

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