SPXUSD (SNP500 / SPX) - Deep Bearish Pull-Back - Diagonal Wedge* If you like this free video and the idea itself, please remember to support me with a like or share, so I can produce more frequent contents such as this one. Thank you!
* Related ideas show how I was able to call the BIG drops in 2018.
Analysis Summary:
Scenario 1:
Leading Diagonal in Minor ABC (blue), part of a larger degree Ending Diagonal in the next Bull Market run, before the Market Crash.
In this scenario, a deep pull-back should take place until the 50-61.8% Fibonacci Retracements.
Fibonacci Extensions from Minors A&B (Minor C projection) are synchronizing with the Wedge Formation towards 2885.00 levels, but also with the joining Bearish Divergence.
Scenario 2:
SPX (SPXUSD) Alternate Count (turquoise) has been labeled in an Impulse which presents an Extension in Minor 3 (turquoise).
This scenario puts SPX (SPXUSD) in a Minor 4 (turquoise) correction, which should honor the 23.6% or 38.2% Fibonacci Retracements of Minor 3 (turquoise).
Decision:
Scenario 1 is the preferred outcome and this is because the rising wedge does not belong in Minor 3.
* Both scenarios imply a bearish sequence as the next structure.
SPXUSD (SPX) - SELL ORDERS
Aggressive Entry @ 2885.00 with SL @ 2965.00
Moderate Entry @ 2915.00 with SL @ 2965.00
Conservative Entry @ 2980.00 with SL @ 3050.00
TP @ 2800.00 / 2750.00 / 2600.00 / 2550.00
SPX - 4H Chart
* This idea is to be treated as simple Market commentary and not as an immediate investment advice.
Trade with care!
Many pips ahead!
Richard
