zakoraio

SPX Swing Short

Short
zakoraio Updated   
OANDA:SPX500USD   S&P 500 Index
Chart is self-explanatory:

Confluences:
Deep Crab PRX
Top of the Parallel Channel
1.618 of the move from 4612 to 4100
Bear Div on RSI if We get a move down in coming weeks
Trade active:
First Major rejection has taken place from the setup after the FOMC event , but unless we start breaking daily structures We can always come back up for another swipe , but the rejection today makes one thing clear that a swing top is located near 4900-5000 levels , we have sellers present here. Daily BOS as of today is a close below 4716 , and if we continue the drop below and close a weekly below 4665 We will likley take 4110 weekly low , it will take a lot of time as we will get huges bounces on the way down, but if you got an entry near the setup it should be safe from those bounces . Lets see how following weeks and play out from here.
Comment:
As posted in previous update. Since we did not break structure we bounced back to new highs, The trade is still very much valid and we can find the top somewhere in 4950 to 5020 level .