SPX500 counter trend to reach 3470/80 zone

9 Sep 2020

SPX500 looks to have completed its impulse drop at a lower degree around 3300 mark, dropping close to 9% from 3588 highs. Also note that initial support around 3350 has been taken out, confirming a potential top in place and bears are here to stay. Ideally a 3 wave corrective rally should be expected to reach 3470/80 levels to terminate a lower degree Wave 2 there. Once complete the indice would be ready to witness a steep drop as Wave 3 unfolds.

Remain short, add more @ 3470/80, stop @ 3600, target is open.

Good luck!