S&P 500Short
SPX500 (Spot) might have topped at 3238. Look lower from here.
SPX500 Spot had closed at 3215 yesterday. The lower degree wave counts (not labelled here) are pointing towards a potential a drop below 3100 mark. Bottom line remains that the indice must hold below 3238. The larger degree counts suggest that SPX500 might have carved Wave (1) at sub 2200 in March 2020. Since then the counter trend rally has been unfolding and might terminated Wave (2) around 3238 recently. If the above counts hold well, EURUSD is heading lower towards 2750, 2300 and further, as Wave (3) progresses. Overall, we maintain a bearish stance against 3400 mark.
Remain short, stop @ 3400, target is 2750, 2300 and further.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Remain short, stop @ 3400, target is 2750, 2300 and further.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
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