This correction has impressive dynamics.
Since large corrections can last 3/4 weeks and SPX has only been falling sharply for 4 days. it is dangerous.
There is an important support at 1960 and another one at 1900ish... as long as the area hold we may still have a new top.
Clearly SPX got out of the logarithmic wedge.. a touch from outside in 2200 is still possible (would be ideal) but is not granted.
Worst case: 1700/1670 if a tsunami unfolds in the next 2 weeks and ISM is bad on the 1st of September with 2 days capitulation...
CRITICAL TRADING and not one where you much time to think..
Use options if you want to play the upside: the call oct15 2100 is very cheap (less than 10usd).
Since large corrections can last 3/4 weeks and SPX has only been falling sharply for 4 days. it is dangerous.
There is an important support at 1960 and another one at 1900ish... as long as the area hold we may still have a new top.
Clearly SPX got out of the logarithmic wedge.. a touch from outside in 2200 is still possible (would be ideal) but is not granted.
Worst case: 1700/1670 if a tsunami unfolds in the next 2 weeks and ISM is bad on the 1st of September with 2 days capitulation...
CRITICAL TRADING and not one where you much time to think..
Use options if you want to play the upside: the call oct15 2100 is very cheap (less than 10usd).