SPX500 has produced a pullback rally from 3300 lows earlier. The indice has managed to reach above 3400 mark and might extend further towards 3480/90 levels soon. Please also note that 3480 is close to fibonacci 0.618 retracement of the drop between 3588 and 3300 respectively, hence potential resistance zone. Bears will be looking to get back into control if prices manage to reach there. The indice might have carved a lower degree Wave 1 around 3300 levels and could be under process to terminate potential Wave 2 around 3480 levels before reversing lower again. Good to sell on rallies.
Remain short, stop above 3600, 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.
Remain short, stop above 3600, 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.