S&P 500 IndexUpdated Getting confident with this S&P move...
Blending my 2 previous SPX posts, we are in W-X-Y correction before trend continuation downwards which is being represented by a bearish bat pattern.
We are in wave Y and lack of divergence on daily chart brings me to believe minute wave 5 of the Y wave has not been reached. Therefore we are heading right now to wave 4 to retest moving averages before a high around 4220 area.
On the daily RSI expecting some bearish divergence surrounding the 68 level (previous RSI high) to confirm these moves.
We are in wave Y and lack of divergence on daily chart brings me to believe minute wave 5 of the Y wave has not been reached. Therefore we are heading right now to wave 4 to retest moving averages before a high around 4220 area.
On the daily RSI expecting some bearish divergence surrounding the 68 level (previous RSI high) to confirm these moves.
Note
Theoretically we either still in wave 4 and set to rebound to BAT target of 4224 or we have avoided a divergence and have completed wave 1 and are set to rebound for a lower high approx 4140Already positioned short at 4153 and have a hedge long at 4000 exactly
Between 4174 - 4308 are great short opps
Wrong if daily close above 4360
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.