The other index that we were looking that evening at was the S&P500.
There was a bearish Butterfly completed at 2340/50. We expected that to be the turning point at the beginning of 2017. However it has gone much higher.
Now I see an AB=CD pattern completing at 2400/2407 level. Would like to see price react at this levels with a bearish pin bar or a bearish engulfing candle. Ideally we hope to see a bearish divergence on the RSI. These would be a perfect scenario to go short on the index.
There was a bearish Butterfly completed at 2340/50. We expected that to be the turning point at the beginning of 2017. However it has gone much higher.
Now I see an AB=CD pattern completing at 2400/2407 level. Would like to see price react at this levels with a bearish pin bar or a bearish engulfing candle. Ideally we hope to see a bearish divergence on the RSI. These would be a perfect scenario to go short on the index.
Comment:
From last nights drop in the Index, I believe that this could be the correction we have been waiting for. Potential short opportunities on any form of retracement.
