Possible short idea on SPX500.
The fear of a second wave of covid-19 is looming on the markets and as a possible second salmon born virus in china is making the rounds fear is beginning to grab ahold of the markets.
We will be monitoring heavily on the premise that a vaccine release will dramatically change the market direction.
As the AUD rises to higher and significant levels combined with the high possibility of the USD interest rate cut to prop up the economy there is a possible reversal on the way.
I have chosen to enter at this level due to being high activity in relation to a typical reversal pattern and major Resistance levels being respected.
Disclaimer; I'll be waiting for the...
As the AUD/USD Short term trend wave is near the last short term high peak and no sign of a long term trend change we can except a reversal soon to keep the overall long term bearish trend in play.
