S&P500: Bearish breakout trade + alternate option...

FX:SPX500   S&P 500 Index
131 0 3
This idea is mostly about the bearish breakout trade based on higher TF analysis. Some upward movement was expected based on momentum divergence, consolidation below the trendline ongoing...

Keeping my options open however in case we don't get our confirmed breakout, 1.13 ext. touched (no close) by the last swing low so if price breaks back above the trendline and continues on upwards (need a new higher high above 2083 to cancel downtrend) we might get a bearisk shark out of this with possible resulting 5-0 (higher low) and new impulse up after that...
This would still be in line with an alternate count on the wedge I posted about in my previous idea... (4H TF, see link below, also same structure on DJIA             ).

For now though, I will keep with the downtrend continuation idea and look for a good setup to trade the bearish breakout ( trendline re-tested, 2nd re-test approach coming up, example trade on chart)!

The breakout setup depicted has better R/R than the one I posted earlier but still has some higher risk envolved, the higher probability trade will be the breakout out of the current consolidation (example on chart, not a prediction!!)... Choose wisely...

EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out