SPX 500 bear break - update

Thanks for viewing.

This is just to update the one or two people that asked for an update. my view is still unchanged and is bearish. How could it not be after such a steep decline. I am now thinking -11% (or a 1:1 of wave (A)) may be on the conservative side.

Expecting an abc correction to face strong resistance at the 0.18 to 0.65 fib level and have decided that my second short order zone will be around that area (the shape of the polygon denotes how the orders will be weighted) as opposed to when the wave 1 extreme is broken.

I have unlocked the autoscale in the graph so feel fee to have a look at my tentative downside targets.

Good luck everyone and protect those funds.

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This is my initial analysis and downside targets - todays chart is just an update of my second entry point. We may get price heading for the upper trend-line but 2800.18 should hold.

Kommentera:

Clarification, I have noted "another safe entry point" on the chart. This is intended to be after the price has retraced into the mid 2700s. I.e. on a break below 2624.53 one the price has come close to, met, or exceeded the red order area between 2717 and 2756.

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Otherwise, orders may be triggered by wave b before price retraces upwards. It isn't a nice feeling to hold a short that is going the wrong direction (even it is in the short term).

Order avbruten:

Buy zone not reached. Active trade not added to.

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