S&P 500 IndexShort
S&P Short; Wave 5 target reached, RSI(7) pattern recognised
In Summary:
1. We see 5 waves up and wave1=wave5, and it doesn't matter if it is a 1-2-3-4-5 or a W-X-Y-X-Z. The next move should be down.
2. RSI(7) crosses 88 and based on 3 other historical instances of similar preceding pattern, the next move should be down.
3. The risk-reward is better on the short side than the long side.
1. We see 5 waves up and wave1=wave5, and it doesn't matter if it is a 1-2-3-4-5 or a W-X-Y-X-Z. The next move should be down.
2. RSI(7) crosses 88 and based on 3 other historical instances of similar preceding pattern, the next move should be down.
3. The risk-reward is better on the short side than the long side.
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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.