US500.F trade ideas
Times up sp500SP500 is getting very near to close below the kumo on a daily time frame. With a bearish kumo twist already in place for day now a close below the cloud will be an ideal sell setup fot the bears.
Nov 1st 2020 was the last time a candle closed below the cloud and the price was at 3400.
S&P 500 Market OutlookS&P 500 has broken a long term trendline which acted as supported and retested before falling further down. This indicates Bearishness in the market, and market may be in for a short term correction before any further uptrend.
DYOR before any making any investment or trading decisions.
MAKE OR BREAK FOR S&P 5000.618 Levels is facing good resistance since 3-4 trading sessions. And according to fibonacci retracement this the levels where wave c can start and S&P 500 can show one more leg of correction in the coming days.
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maybe going to down 4022it was traveling to channel pattern. upcoming days it will be breakout to travel down to previous demand zone.
SPX Elliott Wave Count (EW)As per EW, SPX is most probably in wave 5 of primary wave 3. I'm expecting primary wave 4 to start sometime in mid-August & may correct up to 20% to conclude wave 4. It's possible that wave 3 ends sooner than expected, but the ideal time according to fib time extension is mid-August.