From a while we have been following the idea of SP500 following a double zigzag to the upside targeting 4300+. We believe this upside to be temporary as per the structure of the downside leg from January's top and the low volume of the recent upside.
In this previous post we outlined the idea of the last C wave of the second zigzag to be about to start, and a possible microcount is showed in the main chart.
The microstructure of the last bounce suggest it to be the beginning of another leg up (5-wave). We will therefore search for another long entry in micro wave ii, ideally with a retest of the greenzone. A breach of 3900 will suggest the bearish scenario and the possibility of the primary wave (B) to the upside to already be finished.
We will update below.
Happy trading!
In this previous post we outlined the idea of the last C wave of the second zigzag to be about to start, and a possible microcount is showed in the main chart.
We will update below.
Happy trading!
Trade active:
entering at the GZ @3987.4
Comment:
stop loss on entry
Comment:
closed on entry
Trade active:
GZ holding, restriked @3995.9
Comment:
closed on entry again, update on next post. Green zone broken, bearish scenario in
