On monthly chart, SPX500 has entered a ranging mode. Price is at the bottom of a obvious range.
On weekly, we are in a downtrend.
On daily, we are in a strong downtrend.
Overall, it looks like the market has found an intermediate bottom around here.
Following the basic pattern of EW analysis, it's likely that price will bounce to above 1948 for a potential short entry.
This would be a Tier 1 trade because we have not cleared any major levels on the monthly chart and the trends are in disagreement.
The next level to look for shorts would be around 2000, followed by above 2100.
On weekly, we are in a downtrend.
On daily, we are in a strong downtrend.
Overall, it looks like the market has found an intermediate bottom around here.
Following the basic pattern of EW analysis, it's likely that price will bounce to above 1948 for a potential short entry.
This would be a Tier 1 trade because we have not cleared any major levels on the monthly chart and the trends are in disagreement.
The next level to look for shorts would be around 2000, followed by above 2100.