Short
S&P500 - Upside is over
Hello traders! In previous posts we explained how we believed the last leg up from October's low in the SP to be a primary corrective wave (B) to the upside on overconfidence about the soft landing narrative and FED policies. You can see from this daily chart how low were volumes during this last period.
We were expecting the target of this upside movement to be around 4300, but price seems to be failing before, reentering into the previous downtrendline (blue) from January's 2022 top.
Either the impulsive movement to the downside is resumed and we are aiming at lower lows, or the primary (B) to the upside still has to conclude and we would be in a retracement before completing it higher. In any case, we believe more downside is coming and we are trading the Head and Shoulder showed in the chart (diagonal neckline), from @3940.1, targeting below 3700.
We will update below. Happy trading! ;)
We were expecting the target of this upside movement to be around 4300, but price seems to be failing before, reentering into the previous downtrendline (blue) from January's 2022 top.
Either the impulsive movement to the downside is resumed and we are aiming at lower lows, or the primary (B) to the upside still has to conclude and we would be in a retracement before completing it higher. In any case, we believe more downside is coming and we are trading the Head and Shoulder showed in the chart (diagonal neckline), from @3940.1, targeting below 3700.
We will update below. Happy trading! ;)
Trade active
vix weekly divergence
Trade active
stop loss on entry. First target is 3780 but we can go big down
Trade active
inverse cup and handle/ head and shoulder 's targets on chart
Trade active
stop loss moved to 3940
Trade active
Trade closed manually
3940 tagged. Closed with 1.9% profitTrade active
restriking @3963.6 stop loss @3983 risk 0.6%
Trade active
stop loss on entry
Trade active
kicked on entry, restriking 3980.1, stop loss 4020 risk 0.8%
Trade active
extended 4030.5
Trade active
we decided to give some breath at FOMC meeting extending little bit more (but still respecting our 1.5% rule) decision pays off: stop loss now on entry price 3980
Trade active
closed on entry. restriked 3996.2 stop loss 4041 risk 1%
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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.
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.