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AlanSantana
Feb 24, 2020 2:16 PM

S&P 500 Index Incoming Drop | Heading For 3258 Short

SP:SPX1D
S&P 500SP

Description

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The SPX (S&P 500 Index) is headed for a drop that is likely to hit as low as 3273.05 or up to 3258.08.

If EMA50 does not hold as support, then prices can go even lower and hit 3188.65, this can all happen within 2 weeks.

The indicators, MACD and RSI, are showing bearish tendencies... Prepare for the drop.

Namaste.

This is not financial advice.
Thanks a lot for your support.

Trade closed: target reached

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Both targets hit, that was fast.

Comment

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Update:
Trend AnalysisTechnical IndicatorsBeyond Technical AnalysisSPX (S&P 500 Index)alanmasters
Comments
MJC77
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Sensible analysis. I'd give it about 5 days from the recent top to a bottom. I'm looking for 5 waves down to about 3,170 - 3,150 to complete a wave 4, before a crazy move up to somewhere between 3,500 - 4,200 and then a major correction in 3 waves in the second half of the year. Had a nice trade longing the vix overnight.
AlanSantana
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@MJC77, Great comment... Thanks a lot for the detailed view, it is appreciated.
Superdude
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"This can all happen within 2 weeks"

Or 6 hours...
AlanSantana
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@Superdude, Within hours of publishing it dropped...
gvoommen
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Good call.
AlanSantana
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@gvoommen, Thanks.
RedArtic
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Nice one.
AlanSantana
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@RedArtic, Thanks a lot.
Gryffus
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Good call Alan!
Namaste!
AlanSantana
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@Gryffus, Thanks a lot brother, appreciated.
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