This is the bearish case for S&P500. It counts a double zigzag WXY from the bottom on 22nd March.
Going through the subwaves on lower timeframes it is possible to count wave c of the second zigzag as complete like this:
Note how price hit the purple median line and reacted to it, and...
As it rejects the Elliott Correlation wave, we expect to touch the support before going up.
Open Short = 9750-9850
Stop Loss = 9978
Targets = 9680, 9570, 9630, 9420, 9280
Leverage cross maximum of 2% investment.
As the chart illustrates we are about to enter the 3rd wave of an impulse in the wave C of a corrective wave in the next few days.
However, our main trend is gonna turn downwards in the following month and keep on a downtrend.
Bear in mind that price changes will follow the rules of an impulse when they enter the 3rd wave.
Wave 4 bottom in. A cheeky 94% retracement on the W5.1. I feel from the sedentary progress so far that the +1 degree structure is a nested W1 (circled). I expect a low on this completed 5-wave move of ~$8200 before a bullish retrace for another W2.
Very simple trade, daily sell taken, based off of trend line, Waited for candles to hold below then went on to sell.
Fundamentally we are seeing a recovery on Oil so therefore its expected USDCAD downside
I now have a high-confidence, high-precision wave-count on a bearish 1-2, 1-2 nested combination in progress. If this count is accurate then 30APR @ ~2972 is the top of this Bullish corrective move and it's likely to be years (if not decades) before we get back there imho. The nested wave 2 in progress currently has a little way more to go I feel. I wouldn't be...
Usd is weakening and will soon crash with in a few months markets must prepare for this and will be pricing this in shortly, to add to this the technical's here are as shown simple elliot impulse wave as well as a bearish continuation flag with the wicks touching the 61.8 fib.
From last trade idea we sold 9800 and took some profit around 9300.
Adjust final TP to 9150.
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