S&P 500 Correction Odds IncreasingThe move in S&P500 has gone parabolic & has started moving in gaps in the last 4 days. Such moves generally follow with sharp market correction.
US500.PRO.OTMS trade ideas
SPX500if the marked count is correct then primary wave 3 target comes around 2375 and above that 2500
S&P is dancing in a range. The S&P 500 index is trading in a range of 2279.12 - 2248. Looks like it can go either way.
S&P 500 - Breakdown before US Elections & Dec rate hike?Two big events lined up in Dec (Fed rate hike) & Jan (US election results). Huge volatility is expected going forward. With Global Equities near their ATH's, large players would like to book profits & hedge their long positions which implies negative view on global equities in the coming months. Sell on rallies is already going on for last two months. If crucial supports breakdown downmove can accelerate. Risk off sentiment is already evident from Dollar Index (DXY) reaching 100 levels again & sell off in Commodities. Keep a close eye on S&P 500 level (2100) & DAX (10200) if these levels are breached. Nifty will nose dive to 8000-8200 quickly.
Monday crucial for $SPXS&P 500 has broken trendline support on weekly chart. Monday will be crucial to know in which direction it is going..till then it is wait and watch
S&P 500 Alternate count (Downside view) September onwardsPreviously I was considering only a bullish count in which the Wave 4 was completed but here I have analyzed an alternate count in which I have discussed the downside possibility.
Which count will play out will soon become clear but if the downside plays out then we can see targets around the 1800 mark.
To be more precise the expected targets are -
Target 1 : 1990
Target 2 : 1865
Target 3 : 1788
bearish view sp500 triple top weith divg in RSIbearish view but eye on consumer data later 2day.. any spike test upper resist line..
