LIVE UPDATE : SPX has turned downwards as expected from our previous analysis. From 1464, the index is trading near 1433 levels right now. We were expecting this decline as part of wave 2 of the larger upward movement we expect to see from next week. Our stop level is very close, at 1425 and our risk return ratio very low. Bulls would want the index to start climbing again firstly above 1439 where the middle pitchfork is now our resistance. Bears on the other hand are looking strong since the index has fallen more than 61,8% of the upward movement from 1425. The battle between bulls and bears will very soon have one winner. The market will break 1470 and give prices above 1500, or the market will break 1415-1400 and give prices towards 1300. We believe in the first scenario as most probable, but we trade according to what levels break...upwards or downwards. Selling near resistances and buying near support. Thank you for following and I hope our analysis proves helpfull.
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