Indice S&P 500Short
SPX Short: Seeking Peak
The new high has forced me to recount the last wave and forced me to bring back the original count where I had expected another wave in the early days of October. This has definitely dragged on for too long.
Now, let me first say this: there is an alternate count that I am holding that has a scary price target just slightly more than 6000 for SPX. So if I am wrong, CUT THE SHORT POSITION.
With that, let me continue.
As you can see over in this chart, I will bring your attention to the following:
1. A huge wedge for primary wave 5 itself in Yellow.
2. An internal wave for wave 5 of 5 in Green.
3. A Fibonacci extension that is projected from wave 1 of intermediate wave 5 to the entire intermediate wave 5 (blue wave).
4. An ending diagonal for wave 5 of intermediate wave 5, drawn in green minor wave.
5. The breakdown of the ending diagonal using corrective a-b-c waves in purple (there is no 1-2-3 waves in TradingView for usage).
6. RSI is extended overbought region.
From the above, my primary count is that we should see SPX peaking this week. There are 2 potential peak points:
1. Fibonacci extension level of 5802.
2. The upper trendline of the wedges which will be around 5820.
The above 2 price points are potential entry points. An alternate way for short entry will be to wait for a reversal candle.
You also see in this chart a purple breakdown line. This line can be used if you are a strong hand waiting for the final confirmation of the break and can withstand volatility.
Good luck!
Now, let me first say this: there is an alternate count that I am holding that has a scary price target just slightly more than 6000 for SPX. So if I am wrong, CUT THE SHORT POSITION.
With that, let me continue.
As you can see over in this chart, I will bring your attention to the following:
1. A huge wedge for primary wave 5 itself in Yellow.
2. An internal wave for wave 5 of 5 in Green.
3. A Fibonacci extension that is projected from wave 1 of intermediate wave 5 to the entire intermediate wave 5 (blue wave).
4. An ending diagonal for wave 5 of intermediate wave 5, drawn in green minor wave.
5. The breakdown of the ending diagonal using corrective a-b-c waves in purple (there is no 1-2-3 waves in TradingView for usage).
6. RSI is extended overbought region.
From the above, my primary count is that we should see SPX peaking this week. There are 2 potential peak points:
1. Fibonacci extension level of 5802.
2. The upper trendline of the wedges which will be around 5820.
The above 2 price points are potential entry points. An alternate way for short entry will be to wait for a reversal candle.
You also see in this chart a purple breakdown line. This line can be used if you are a strong hand waiting for the final confirmation of the break and can withstand volatility.
Good luck!
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.