SPX500 remains vulnerable for a reversal as long as 3400 holds

6 ส.ค. 2020

SPX500 had been inching higher again and managed to close around 3227 yesterday. The indice futures may be trading lower but we need to see a break below 3200 initial support to confirm a top in place. The wave structure remains unchanged with higher degree Waves (1) and (2) in place at 2200 and 3330 respectively. Until this holds true, SPX500 is expected to turn lower towards 2700, 2200 and lower. Believe it or not, Wave (2) does give a feeling of a continued trend which is higher in this case. If Wave (3) begins to unfold, the index is up for a sharp decline.

Remain short, stop 3400, target is open.

Risk Disclaimer:

Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.