Tuesday, 27 October 2015

Possible SPX false breakout

The SPX is showing a possible false breakout here. Will wait until it breaks 2050 support, then short to 2020, next support. Ultimately 1940 is possible. Note also that there is a possibly 5-wave complete EW here, which adds weight to the hypothesis. If 2050 holds, we are back in the 2050-2135 channel from earlier in the year, and should trade accordingly.

Order Short 2040, TP 2020, SL 2055

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