SP500 approaching .382 FIB extension
It's a longer term view.
The momentum is strong and SP500 gains are killing the active SLs, which gives the index an extra boost (in essence, you close a short by opening a long, which artificially creates more demand)
We are approaching the first significant extension level, which may lead to a correction from profit-taking (Closing a long is selling, so like opening a short).
I'm not entering this trade until a correction pattern (a multiple rejection of a FIB resistance level) is clear.
If .382 level gets rejected:
* T1 @ ~2205 for 50% of position and SL to be moved to B/E
* T2 @ ~2005
The momentum is strong and SP500 gains are killing the active SLs, which gives the index an extra boost (in essence, you close a short by opening a long, which artificially creates more demand)
We are approaching the first significant extension level, which may lead to a correction from profit-taking (Closing a long is selling, so like opening a short).
I'm not entering this trade until a correction pattern (a multiple rejection of a FIB resistance level) is clear.
If .382 level gets rejected:
* T1 @ ~2205 for 50% of position and SL to be moved to B/E
* T2 @ ~2005
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