pierhk

SPX wave 5?

Corto
pierhk Actualizado   
FX:SPX500   Índice S&P 500
After hitting an all-time high on Feb 20, SPX started a downtrend that seemed at first to be a normal correction and took us to a bear market.

Wave 1

Initial drop from 3397.1 to 2853.3 (-16.01%)

Wave 2

Retracement to the 50% level of wave 1

Wave 3

A second big drop from 3130.2 to 2181.8 (-30.30%)

Wave 4

Retracement to the 50% level of wave 3

Wave 5

By tracing a fib extension on wave 3, the 1.272 level projects a drop to 1923.8 level which corresponds to the monthly support from June 2014 to March 2016.


Economic data from all around the world showing a huge increase in the unemployment rate. Oil price hovering around all-time lows. Governments and health organizations are struggling to control the spread of the virus.
In these uncertain times, with no end in sight for the COVID-19 pandemic, a wave 5 is most likely to happen.

Short trade idea: Entry below 2412, Stop Loss above 2656, Target at 1923 (1.272 level), risk: Reward ratio of 1:2
Operación cerrada: precio stop alcanzado
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