Hi folks,
this is the current setup on the e mini from a D-level perspective. Right now we still have a monthly Double RePo in play, as described in some other charts from me. Currently we have most interesting situation as we are above the invalid zone of said DRPO but we would need a close here on monthly bases for the setup to be invalidated. I can show you...
Since the beginning of the bull market (2009) SPX500 had 3 bigger long runs with impulse wave 5 being the largest. Fed printing money, low inflation and improving macro data was on the side of stock investors. Some rest and profit taking can push lower the index towards the 1800's and later even lower.
Good evening, index traders.
SPX500 sets up nicely for short term trades to any direction. For medium term trades, short position for a trend continuation appears to be more likely. Long position only if price action allows a major consolidation.
Please, share a "Thumb up" if you like this chart.
And happy trading!
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A snapshot on smaller degree.
Please, THUMBS UP if you like it.
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Regardless of the wave counting, price-action moves up when price is near wave structure (orange arrow). By the time it has broken, it could trigger at least an ABC correction.
If my count is right, we will see a major sell out. And that is my bet!
Happy trading!
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Here are the things that drove the market down.
Japanese Election 14 Dec
Fed Interest Announcement
Technical indicating markets being overbought
As you can see, the technical are above the below the danger zone of overbought and have just passed the danger zone of oversold (Shorter Term charts like 4 Hours)
Why I believe the market rallying from now (Technical...
