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SPX500 prints high at 3439 today. Need to break 3354.

SPX500 prints high at 3439 today. Need to break 3354.


SPX500 takes out 3400 potential and prints fresh highs around 3440 today. Immediate support is now seen around 3354 mark and we need to see a break lower before confirming a top in place. The wave structure also changes with probable counts as follows: The drop through 2200 mark could be part of an expanded flat Wave ((4)), followed by an impulse rally towards 3440 terminating as larger degree Wave ((5)). If the above is correct we should witness a top and reversal anytime soon. Good to wait for a break below 3354, before entering short positions again.

Flat for now.

Risk Disclaimer:

Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.

from Trading Ideas
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