SPX500 counter trend to reach 3470/80 zone
SPX500 looks to have completed its impulse drop at a lower degree around 3300 mark, dropping close to 9% from 3588 highs. Also note that initial support around 3350 has been taken out, confirming a potential top in place and bears are here to stay. Ideally a 3 wave corrective rally should be expected to reach 3470/80 levels to terminate a lower degree Wave 2 there. Once complete the indice would be ready to witness a steep drop as Wave 3 unfolds.
Remain short, add more @ 3470/80, stop @ 3600, target is open.
Good luck!
Remain short, add more @ 3470/80, stop @ 3600, target is open.
Good luck!
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