As I predicted from my last post, SPX crashed, much sooner than I expected. I see many people talking about news and fundamentals, but to me, it's just TA. The set up is there, the downtrend is clear. All the news are just background noise.
If you have missed the last boat, there might be another chance in the next couple of weeks. My explanation of my logic behind the crash is all written on the graph. It should be quite straight-forward. In the next couple of weeks, I am expecting a retrace back to the price range of $2707.37 - $2665, and then another drop should ensue. If the drop ensues, I would expect the price to drop to $2541.1 - $2518.31. However, as a retrace of 0.786 of the current downtrend, from the ATH to the dip on the 6th Feb, has completed, this could mean that the correction has completed and consequently the reversal of the current downtrend. And this was the reason that I said it is a good time to take partial profits.
Depending on your risk/reward ratio, you can decide at which point you place your short positions.
This is for education purposes. Please trade rationally.
I only invested about 250 with robinhood app and it's lost 30 dollars lol but at this point, I wonder if it will recover in the next few months? I'll be buying the dips of course