For reasons put out in my previous post (global tension based)... The sp500 should continue it's trek downwards... Currently up from my short entry and recently moved stop to red line... Considering entering a second position on a 3 wave corrective rally before harsher downside movement... Not entirely sure on the wave count at this point but the larger head and shoulders pattern is still in play... Targets are not clear but I could see 2920 as a good first exit for profit taking and possibly 2700 for longer term...
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Small update... recognized a possible channel... Plan on adding to my short near top of channel at circle...
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Added to short... stop is still same red line...
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Not out of the woods yet but looking good after PMI report
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Looking good so far, would not be surprised by a short rally that turns into a bear flag... Highly doubt ill get stopped out but gonna move level to break even (red line) just in case...
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Reached my first target... TOOK OFF HALF POSITION PROFIT... expecting more downside
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The large move from 2980 to 2880 can be seen as impulsive... Eventually there will be a small three wave rally before continued downside... I do not plan on adding back to my short, I will let the other half of my position either ride down to 2700ish or get stopped out... I made a good profit from the initial short and plan on dumping that into either more litecoin or gold...