SPX500 (spot) might be pushing to carve a lower high below 3400

2020年7月15日

SPX500 remain bearish below 3400 resistance, period. It is only a matter of time for a lower top to be carved around the 3230/50 zone marked here as larger degree Wave (2) termination. Also note that the next resistance above 3233 mark is seen at 3254, the fibonacci 0.88 retracement of the entire drop between 3400 and 2200 respectively. Expect bears to be back into action as price reaches the 3254 mark, potential termination for larger degree Wave (2). Typically, Wave (2) can go deep towards the initial point of Wave (1); 3400 in this case. But structure remains bearish as long as 3400 holds.

Remain short, stop @ 3400, target @ 2750, 2300 and further.

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