Another red day, great for the Bears. I am flat and am stalking to short any rallies into my resistance areas as marked. The other areas not marked are 2100 & 2110 . I am not interested in Longs here before the US Election. The Chart has not changed much since my last post. I did add a couple Bull lines for future reference that may come into play
Many prominent economists think that SPX500 will fall down to around 1800 and will go back to 2000 at the end of the year. The resistance line that has been in place middle of last year was retested again at the beginning of April, unsuccessfully. 1HR Fibonacci shows downward trend, SPX500 hit 0.7 level and started falling. RSI for almost all time frames is above...
As S&P500 has been in an upward trend, it is likely it will continue to follow that. With this upward trend entered at early February, long positions can reap good profits. Personally I identify 3 possible LONG entry positions: 1. Which is here at 1945.2. However, it is highly likely that before continuing going up. 2 . It falls to the very strong...
These are the most probable counts for the S&P 500. in the first one, the S&P finished wave IV and is now heading to new highs in wave V The second one, which is the one I prefer "due to the development of a H&S pattern on the 4 hours chart right now, will continue going down in a A-B-C zigzag to new lows.