SPX - Covered Short

Just a quickie here but just to say that I'm covering my SPX short here from $4632 down to current price at $4252 so that was a $380 trade.

Confluence of two 1:1s here and 4H RSI at 21 - equalling the lowest its been this year.

Probably a bounce coming.

I'll consider to re-enter in the fib bands depending on how things develop.

Not advice.

Yorum:

This looks very likely to be an expanding continuation pattern with rejection on 1H20MA. I've re-entered because if it is a continuation then another long leg down is coming that will most likely lead to a selling climax. If price starts consolidation above 20MA I'll exit.

Yorum:

On the 15 min here price is quite choppy as still in correction, but the more it remains in the lower area under the 20MA, the more likely it will impulse down.

Looking at the RSI the high point of the retracement popped into upper quadrant but that could potentially be the top. If that area becomes challenged again then I will exit and wait for a bounce if it comes.

Yorum:

Looks at least 50/50 for the bounce now and so i'll exit and wait for better odds another day.

Yorum:

Now trending above 1H20MA - bounce is on.