WaveSavvyTrades

SPX looks ready for the shorts!!!

Kort
TVC:SPX   S&P 500 Index
Simple markup but could be worth some big benjies. We bounced off from the downward trendline resistance in the higher timeframes again this week (I know many people have been observing so did not want to bore you with image of it). Price made some big decline from around 4K+ to the 3.9K region following the bounce off. Now price has been retracing on the decline this week and has completed a five wave pattern. Further, price is at the base of the resistance zone. If the resistance zone holds expect some big fall to about the 3.7K region. Above the resistance zone, we go back to the drawing board.

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