captain_smollett
Short

SPX500. Sell on May and go away

FX:SPX500   S&P 500 index of US listed shares
150 1 6
9 months ago
When the price overpassed 2075 after retracing to 2039, I thought SPX500             would be bullish for some time and try to tag the double top . But now, finally, looks like this correction will follow the classical A-B-C zig zag .

We had Wave A finished at 2039, then the B was quite long, ending near 2080, and now we can see the price heading back to 2039 area. We had a doji today which is important: dojis have to be confirmed by next candle and, if this candle is bearish , the quote will surely follow in that direction.

Once we pass and secure 2054, which has been our resistance so far, I short SPX500             targeting 2001 figures. Notice on 11th of May one of the hour candles achieved to close below 2054 but next hourly candle recovered the level immediately. Therefore, I recommend to short only if, at least, one 4H candle closes below 2054.

SL - at 2067, just above an important price level which has also been tagged many times during these days with two closes of the day included.
TP1: 2035
TP2: 2001
9 months ago
Trade active: Although the trade was close to hit the SL, it was saved by some cents and then went in a direction I expected. Eventually, we will be testing 2039 level by the beginning of the week
4 months ago
Trade closed manually: This year the strategy has failed: September levels were clearly higher than May ones although S&P made an attempt to run lower
snapshot

Notice a Head & Shoulders pattern and a Daily 200 MA which would surely be a limit for this decline
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