This is an update on my previews post about the standard and poor. As previously mentioned i was going to wait for this pair to reach the 2100 levels before going short on this pair. This was around October before the big dip reaching the bottom part of the huge trend-line. The confirmation of this bullish action was realized when the price action broke above clove above the Sept. High .. We are now only a few pips away from the target area, some call this the navy-seal crawl i think..
Caution:
If the price action gaps or makes a huge bullish candle surpassing the 2100 level and closing above this
the Pattern will be invalidated.. DO NOT enter for short position.
However:
It is my belief that if this extended pattern do materialized we are looking at a very very huge fall of the SPX..how much i dont know yet but.. a 382 fib retracement from the C leg would be a minimum area.
Fundamentally:
Everything that i said could be wrong fundamentally... everything was based solely on Technical analysis and what the market is telling me today...so far.. im employing what i have learned from the books of scott carney.
Advise:
Read and Learn how to understand the market, make your trade your own. Eat what you hunt, Relished adversities.
There are only few of us in the world be proud. Risk On..
Caution:
If the price action gaps or makes a huge bullish candle surpassing the 2100 level and closing above this
the Pattern will be invalidated.. DO NOT enter for short position.
However:
It is my belief that if this extended pattern do materialized we are looking at a very very huge fall of the SPX..how much i dont know yet but.. a 382 fib retracement from the C leg would be a minimum area.
Fundamentally:
Everything that i said could be wrong fundamentally... everything was based solely on Technical analysis and what the market is telling me today...so far.. im employing what i have learned from the books of scott carney.
Advise:
Read and Learn how to understand the market, make your trade your own. Eat what you hunt, Relished adversities.
There are only few of us in the world be proud. Risk On..
