S&P 500 IndexShort
Completed wave formation in a rising wedge
The last time I posted this analysis price had completed the 5th wave formation and the irregular correction was underway. Seems the irregular correction would likely finish at point B (resistance of the rising wedge). I believe point B would be much watched and is a very good point to start shorting this symbol to the wave 4 region which is just over the 3200 area.
Further, you could also look at the weekly chart and watch how price bounces off the 200 weekly moving average anytime correction happens (with the exception of the pandemic). With that in mind and RSI being overbought on monthly, weekly, and daily charts in tandem, I expect about 25-27% correction on this symbol.
Disclaimer: This is not a financial advice. This is my way of sharing my trade ideas with the community and any decisions you make from this is entirely yours and has nothing to do with me.
Further, you could also look at the weekly chart and watch how price bounces off the 200 weekly moving average anytime correction happens (with the exception of the pandemic). With that in mind and RSI being overbought on monthly, weekly, and daily charts in tandem, I expect about 25-27% correction on this symbol.
Disclaimer: This is not a financial advice. This is my way of sharing my trade ideas with the community and any decisions you make from this is entirely yours and has nothing to do with me.
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.