SPX500 counter trend might reach 3470/80
SPX500 has confirmed a major top in place around 3588 levels early this month. Further bears have registered themselves by breaking below 3350 support. The indice can produce a counter trend rally towards 3480 mark, which is close to fibonacci 0.618 retracement of the recent drop between 3588 and 3300 respectively. Potential Wave 1 could be in place around 3300, Wave 2 might extend through 3480 mark. Wave 3 could turn lower thereafter and push through 2750 and beyond. Good to sell on rallies.
Remain short, stop above 3600, target is open.
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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 above 3600, target is open.
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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