Hi guys, i've been trading spx in the last couple of months and i opened a short on the second shoulder at 2940.
I'm looking for a target for a reversal so i can close my short and open a long trade. As we know sept is a overall bearish month for stocks (average -1%) + us-china tradewar and a market that cant keep high profits as in recent years.
I set up 3 target and i think we can reach the first one next week and the second one by the end of the month.
Target 3 will be reached by oct/nov and then we will see if we can bounce or we fall in a bearish market.
My stop loss is at 2980, i will adjust it to 2860 when a daily candle close below 2820.
Target are 2730, 2600 and 2400.
this is purely my idea and not an investment advice
Be safe out there.
edit: Daily time view
I'm looking for a target for a reversal so i can close my short and open a long trade. As we know sept is a overall bearish month for stocks (average -1%) + us-china tradewar and a market that cant keep high profits as in recent years.
I set up 3 target and i think we can reach the first one next week and the second one by the end of the month.
Target 3 will be reached by oct/nov and then we will see if we can bounce or we fall in a bearish market.
My stop loss is at 2980, i will adjust it to 2860 when a daily candle close below 2820.
Target are 2730, 2600 and 2400.
this is purely my idea and not an investment advice
Be safe out there.
edit: Daily time view
Comment:
I was checking for a signal on a bigger scale, and i saw a divergence on the montly chart, check red arrow - we got a similar pattern in 2008
Ascending triangle pattern is complete and if it validate we can see a move to 2800/2700 range, otherwise a close above 2973 will break the last resistence aiming a new ATH, giving me a bad breakfast ;)