The S&P has been over brought for a long, long time. The cornavirus is a real thing, but anyone with half a brian can see that the Market Makers are taking
advantage of the sitaution by correcting the markets.
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This assualt on the markets was strategic.
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With that being said, expect the S&P to pull back to the 2300 levels and at worst 2100 levels and then...
as we get stopped with few profit on the trailing stop in the last trade on sp500
this time he touched deeply the ma50 monthly and is a big big support before end of years after down around 20%
so i expect a more bif rebound and got more profit that your last trade.
i proceed the same : buy at 2325 and make a stop loss when he reach 2350 at my entry point +5 ...
Its a great example how perfect Fibonacci time and price extensions work together. Price moves after Fibonacci ratios also in time sequence, not only at price levels. Fibonacci time extension work perfect with oscillators like stochastics. Here I used modified Ichimoku settings (doubled ones).
