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IvanIII
May 4, 2016 4:21 PM

SP500 1D SHORT - downtrend channel testing fib supports Short

FX:SPX5001D
S&P 500 index of US listed sharesFXCM

Description

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test of support @2040 which is also 23% fib retracement then test of main support @2000 where the 38% fib retirement passes. if support @2000 does not hold the recent rally may fade

Comment

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the reaction on the 23% fib level is now testing the resistance at 2079. if resistance holds the continuation pattern leads to 38% fib level at 2000

Comment

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the trend downwards continues leading to test again support @2040


Comment

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the trade is confirmed

MAIN: SELL@2075 TARGET@2000 STOP LOSS@2085
ALTERNATIVE: BUY@2041 TARGET@2100 STOP LOSS@2031

Comment

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the trade is confirmed

MAIN: SELL@2075 TARGET@2000 STOP LOSS@2085

ALTERNATIVE: BUY@2014 TARGET@2100 STOP LOSS@2031

Trade closed: stop reached

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breakout of downtrend.

Comments
IvanIII
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the trend downwards continues leading to test again support @2040.
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