KVE
Short

S&P500: Same structure as DOW, breakout?

FX:SPX500   S&P 500 Index
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..
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KVE Rob Wallace Williams
Several options still, also here:

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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