General global tension along with a slowdown will most likely cause equities to correct much further down... not expecting a recession anytime soon but surely a large correction is needed given the current global climate... Technicals are also lining up as a possible head and shoulders is beginning to form... The most recent move down could also be considered an ABC corrective pattern... ending at the green line I placed on the chart... would not be surprised by a relief rally pushing up towards 2990... near that level I will consider taking a short position...
Trade active:
Entered a short right before market close, stop is at all time highs, first target is green line
Comment:
Recent move looks impulsive to me, meaning more momentum downwards. BTW guys, I encourage you to follow me on tradingview if you're getting value out of my ideas :)