SPX Can Drop More, Watch For Bearish Continuations

Here on S&P500, price has completed a larger continuation correction on the larger scale, and lower time frame is showing more bearish price action.

What we can see now is the price has clearly move down in an impulsive phase on the latest development since last week. This is good sign for more bearish price action this week.

For now, its best to see if another consolidation could form this week, and continue the bearish trend down to the previous lows.

Comment:

Consolidation has formed, more possibility of downside, wait for bearish confirmation on lower time frames.