As with the Nasdaq, we see a bearish Wolfe Wave on the SPX.
After the sell-off at the beginning of the week, we changed into the bearish trend from the Wavereader, but were pushed directly back into the overbought area, as usual in this market.
The good thing is: this gave us a fresh sell signal.
It was not even tested the 0.786 FIB level in the sell-off, which could become a target for this trade.
R:R ratio is very good. Therefore worth a try.
After the sell-off at the beginning of the week, we changed into the bearish trend from the Wavereader, but were pushed directly back into the overbought area, as usual in this market.
The good thing is: this gave us a fresh sell signal.
It was not even tested the 0.786 FIB level in the sell-off, which could become a target for this trade.
R:R ratio is very good. Therefore worth a try.
Trade active
Trade closed: stop reached