GMR-Capital

S&P 500- In the target box

GMR-Capital Updated   
CURRENCYCOM:US500   US 500
Hello traders!
As per previous posts, we believe the SP500 to be in a primary wave (B) to the upside correcting the donwtrend from January's 2022 top.
Here is the count on the daily time frame:
Price action shows this primary wave (B) unfolding as a double zig-zag. The structure of the last decline from 4194 seems a 3-3-5 that would complete wave B of the last zig-zag, thus providing a setup for trading the last leg up of primary (B) to 4300+.
From a pattern perspective, we can see the bearish wolfe wave target at the main downtrendline in blue.
Will search from long setups lower in the green target box and will update below.
Happy trading!
GMR
Trade active:
giving a first try, vix reached its target.
Entry @3998.1
Trade active:
stop loss on entry.
Monitoring the possibility of a descending broadening wedge.
Trade active:
still in from @3998.1
Trade closed manually:
Kicked out at entry. Now observing
Comment:
Targets of Adam and Eve top and Inverse Cup and Handle are at the bottom of target box
Trade active:
restriked @3984.1
Trade active:
stop loss on entry. A short term lower low still possible
Trade closed manually:
megaphone, aiming for a lower low.
Closing at 4010.1 with a gain of 0.7%.
Trade active:
micro count in chart. Green zone has the target for this wave B. A breach of the green zone will increase the probability of a reversal
Trade active:
still long from our greenzone 3950.2@ with stop loss on entry
Trade active:
kicked out at entry. restriked @3947.4
Trade active:
added 3927.1 avg entry @ 3937.2
stop loss 3918 risk 0.7%
Trade active:
stop loss on entry
Trade active:
targets above 4300
Trade closed manually:
Closed at @4040.2 Profit 3.1%
Comment:
Staying flat now.. will update in next post
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