In my previous post i did mention about a classic bear flag and the expected target around the 1800 levels, markets did retreat and is holding a important level, market could still come to 1790-1810 levels in the wave 4 of the larger correction that (1300 - wave 1) wave 5 will take markets to 2300
As long as 1703$ hold this is the outlook
I wont long this market, will look to short around the 1910/1935 areas, US election will be interesting and will bring lot of volatility, it will be every hard to tell which way the markets will head, EW suggests that the top has been made at 2070 and the larger C correction will drag markets to 1220 in the long term.
market has carved out low and is heading for much higher levels in the coming months, region around the 1.80/1.78 should give good entry levels for those who missed out, 1.95 is the projected target for this long
finally its got to the 1905 levels which i had marked earlier, nice bat formation also around these levels, lets see if this hold, incase we do take on 1905 market will look at 1925 where fresh shorts will emerge, keep your stops
The long at 1849 did work well and reached the target around 1901, shorts around these levels give a good risk reward, in case 1905 takes out we will touch around 1945 -75 , targets around 1730 looks plausible
I believe the top for the year at 11800 is made and we will have deeper correction going for the rest of this year and the 1Q of 2021
Who missed out on this trade can enter again with stop at 11400 on a daily close
As long as 11800 is intact we will see a correction to the 9900 handle and below.
Scalping at its best, just sold at 1872, maybe will get back to 1845, if you look at my previous post i had asked to buy at 1845, market still targeting 1905 , so stop on this short should be at 1876
I was long the S&P on 24th March and did mention that the low was made and we could go higher and make new high between 3500 - 3700, market did top at 3583 and i believe the top for this year has been made.
Wave C will drag the markets to 2600 , stops should be on the around 3475