SPX500 potential resistance is seen @ 3480/90 levels
SPX500 had earlier dropped from sub 3600 through 3300 mark carving lower degree Wave 1. The indice has been unfolding Wave 2 since then, and might reach 3480/90 zone which is fibonacci 0.618 retracement of Wave 1. Once complete, bears should be back in control and resume lower towards 2500 and beyond. A larger degree Wave ((5)) might have terminated around sub 3600 levels earlier. If it holds true, SPX500 should be heading towards 2200 lows in the next several weeks.
Remain short, stop above 3600, target is open.
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Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Remain short, stop above 3600, target is open.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
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