S&P 500 Short set-up from here
S&P 500 Index SPX500
The last short got stopped out at even - right idea, wrong
double top. Now it's fallen below the parallel that's been
guiding this impulse wave since summer lows...it's trying to
make a feeble counter-rally back to kiss the underside of the
lower parallel before it falls away again to 2566-2564 range
where it should make a rally attempt to form the right
shoulder of a head and shoulders pattern now forming here.
Sell from 2580 or as close to as possible with stop above 2583
for 3 point loss if wrong...once 2564 breaks after a first
bounce from there of up to 11 points back to 2573-2577 range
it should fall again at least back to 2564 and then when that
fails to 2541. Two short trades here worth following
The last short got stopped out at even - right idea, wrong
double top. Now it's fallen below the parallel that's been
guiding this impulse wave since summer lows...it's trying to
make a feeble counter-rally back to kiss the underside of the
lower parallel before it falls away again to 2566-2564 range
where it should make a rally attempt to form the right
shoulder of a head and shoulders pattern now forming here.
Sell from 2580 or as close to as possible with stop above 2583
for 3 point loss if wrong...once 2564 breaks after a first
bounce from there of up to 11 points back to 2573-2577 range
it should fall again at least back to 2564 and then when that
fails to 2541. Two short trades here worth following
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