Following on from my previous analysis, the S&P 500 is retracing it's 2nd wave towards the .786 .887 area, confluent with the .618 retrace from the ATH.
It'll entice the late bulls to go long and shake out the nervous bears, but I'm doubling down on my short entry here. See you at the bottom.
Trade active
⋅
Short position opened @ 2948 with SL @ 2973. I have a few target TPs on the way down: 2753, 2700, 2632, 2450 and perhaps all the way to 1720. We’ll see what we get.
Flip the chart and short it.Is going to be a big short.
liquidcactus
⋅
@SwingBGtrade haha we shall soon see! Worth the risk imo.
farmerisland
⋅
I definitely agree with your wave analysis @liquidcactus and have been looking to short for some time now. Curious what your short strategy is, i.e. futures, ETF, options etc? I've never shorted the index itself before.
liquidcactus
⋅
@farmerisland will get confirmation very soon! I’m shorting SPX500 on FXCM, and also long on SPXU which is a 3x inverse of the SPX. Good luck.