Wave pattern downward - I'm going to stick my neck out here
Updated
Currently, I see a high probability for this wave pattern here. I'm not so convinced but may be I will risk one mini-future on it for a gain of approx. 200 points with a not too tight stop at a resistance level of a 15 min. time frame. I think it is important also to watch Nasdaq index as it has already reached its previous top and leading stocks are also the once which are in the S&P. A sign of a break-down with a starting down trend could be seen at Nasdaq first may be as the S&P is much broader.
Remarks: the red and green lines are RENKO resistance/support levels. The upper red line and the lower black line are major trend lines. The large grey channel is a major trend channel.
Remarks: the red and green lines are RENKO resistance/support levels. The upper red line and the lower black line are major trend lines. The large grey channel is a major trend channel.
Note
Looking for an entry at 3160. The start of the session is a bit discouraging, but sometimes price levels out lower after more volume is traded. Let's see......
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