S&P500: Same structure as DOW, breakout?

FX:SPX500   S&P 500 index of US listed shares
279 2 6
Expanding wedge might have broken to the downside. Possible short opportunity on the re-test of the broken trendline . Still early stages...

Possible setup on chart, just an example, SL above fomer swing high. I'm not taking this one since SL is too wide for my account and I am looking for some more confirmation....

For a setup with less risk wait for breakout of possible correction below the trendline . Look at lower TF's for this, will yeald much better R/R also!

In case the whole up move was a leading diagonal (5-3-5-3-5 structure) we could be looking at a nice downtrend to the retracement levels such as 38.2% (1995) - 50% (1959) - 61.8% (1923). Again: look to lower TF's for setups, confirmation and targets.

Switching to lower TF's now...
wait and see is my territory.....I smile..
KVE PRO Rob Wallace Williams
10 months ago
Several options still, also here:
S&P500: Bearish breakout trade + alternate option...

No guarantees, the trader that waits for confirmation might not always get the best entry but will get the higher probability trades..., I trade both depending on the setup, it's a balance...
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