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Time to Sell the SP500 Again!
This latest short squeeze rally has pushed price into resistance around $2600, and this latest move was on less volume.
The ADX prints a corrective look, which makes this wave 4 a corrective zig-zag pattern (alternating from wave 2 flat)
The RSI is turning to stay in a bearish zone.
The recommendation is to sell here with a buy stop if price moves above wave 1 or around $2610.. this wave count should hold, but a break of the rule that wave 4 cannot exceed wave 1 is a great stop indicator.
look for wave 5 to form and likely drop 12% in the coming weeks.
Thoughts?
The ADX prints a corrective look, which makes this wave 4 a corrective zig-zag pattern (alternating from wave 2 flat)
The RSI is turning to stay in a bearish zone.
The recommendation is to sell here with a buy stop if price moves above wave 1 or around $2610.. this wave count should hold, but a break of the rule that wave 4 cannot exceed wave 1 is a great stop indicator.
look for wave 5 to form and likely drop 12% in the coming weeks.
Thoughts?
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