Taiwan_Bear

Is SPX going to crash again? I believe so

FOREXCOM:SPXUSD   US SP 500 CFD
977 0 34
Hi All,

It's been a while since my last update on SPX500             . I have been waiting for SPX             to retrace back to around $2695 but unfortunately it didn't happen. And, the huge drop that happened 2 days ago was something that I certainly not expecting.

Something that I want you to notice is the drop 2 days ago, has confirmed the formation of the massive descending triangle . Does the triangle look familiar to you? Yes! it looks just like the crash pattern on Cryptos. And if you look closely, we are far away from reaching the apex of the triangle, in which is pointing at the 1.272 retrace at $2433.

If you have followed on my idea on SPX             since the beginning, I have mentioned that my ultimate target is @ $2386. This is also the price level of the long term trendline . However, by looking at the descending triangle , it looks like SPX             might not reach that price level.

Right now, I will wait for SPX             to retrace back to test the top of the descending triangle at around $2628 and if SPX             gets rejected I will place my short positions and take my profits around the $2540 price level.

Taiwan Bear


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Please note this post is provided for informational purpose only. It is not a financial advice to buy/sell.

Some tips for you:
- Set up an entry/exit strategy for every trade, with the ideal risk/reward ratio (2+)
- Understand that every trade carries a risk, and don’t expect you can make profits from every trade
Comment: Please forgive me. The Fib setup in black was not set to the correct price level. Below is the correct one.

Trade active: Rejected by descending triangle

SL: 2665.
TP: 2540-2525
Risk/Reward: 5.6+
Trade closed: stop reached: SL hit, 0.72% loss.

Will find another entry point, probably around $2685, which I have highlighted in yellow.

Comment: Or if you are an aggressive trader, now can be a good time to open another short position. Recommended SL $2690, TP 2540. Risk/reward ratio around 5.
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