Spx500 wave analysis short
Hello traders and analysts,
Here is our take on the Elliot wave 5 wave, now a larger 3 wave correction needed to take place? [in bold].
Technicals?
We have completed the the downward impulse of the wave pattern 1-5, with all waves forming without breaking the structure.
we are now in the minor wave 2 structure. and next up is the 5 wave corrective structure and looking to complete wave [2] on the trendline.
From an imbalance method, we have a good double top retest which is showing profit and greed taking.
Price has seen a bounce back to 'normal priced of demand' however this is not really how halted economies can return so fast. it is artificial.
Divergence - we did not use this but looking at the pattern, we have a huge distinguishing gap.
Fundamentals:
US election rallies before taking place at the end of the year with campaigning.
We have NFP numbers showing millions return to work.. but also high unemployment
Trade war with China, Hong Kong unfolding with US responding
High figures in multiple states which are concerns for large communities.
Fiscal intervention in July, August for stimulus.. constant printing money is not good for the economy.
US tech stocks have seen the highest returns and zero confirmation by Dow30 and S&P following suit.
Dow 30 is in a fragile state and desperate to keep pushing higher but limited upside will cause a steep decline - refer to Dow chart.. around 27,000 is a good point for a previous monthly high.
Why follow us?
Updates on our pairs as and when we can.
Swing trade out looks
10 years combined experience in capital markets
simple breakdowns for beginners to advanced .
KISS - keep it simple stupid.
we trade purely from naked charts, less indicators - remove the noise.
If you like our work, please leave a like or comment. To all our followers, we appreciate the follow and likes.
Thanks,
Team Lupa
Here is our take on the Elliot wave 5 wave, now a larger 3 wave correction needed to take place? [in bold].
Technicals?
We have completed the the downward impulse of the wave pattern 1-5, with all waves forming without breaking the structure.
we are now in the minor wave 2 structure. and next up is the 5 wave corrective structure and looking to complete wave [2] on the trendline.
From an imbalance method, we have a good double top retest which is showing profit and greed taking.
Price has seen a bounce back to 'normal priced of demand' however this is not really how halted economies can return so fast. it is artificial.
Divergence - we did not use this but looking at the pattern, we have a huge distinguishing gap.
Fundamentals:
US election rallies before taking place at the end of the year with campaigning.
We have NFP numbers showing millions return to work.. but also high unemployment
Trade war with China, Hong Kong unfolding with US responding
High figures in multiple states which are concerns for large communities.
Fiscal intervention in July, August for stimulus.. constant printing money is not good for the economy.
US tech stocks have seen the highest returns and zero confirmation by Dow30 and S&P following suit.
Dow 30 is in a fragile state and desperate to keep pushing higher but limited upside will cause a steep decline - refer to Dow chart.. around 27,000 is a good point for a previous monthly high.
Why follow us?
Updates on our pairs as and when we can.
Swing trade out looks
10 years combined experience in capital markets
simple breakdowns for beginners to advanced .
KISS - keep it simple stupid.
we trade purely from naked charts, less indicators - remove the noise.
If you like our work, please leave a like or comment. To all our followers, we appreciate the follow and likes.
Thanks,
Team Lupa
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