time for a pullback on the SPX500

٧ يوليو ٢٠٢٠

Markets don't move in a straight line up and when overbought, they will revert to the mean. Given the economic circumstances and the Fed withdrawing liquidity, I think that time is now.

My primary Elliott Wave count has a pullback to at least 2900 for an ABC correction. However if we get an impulse to 2700, then I'd expect a small bounce and another drop to ~2580.

I'm a long term buyer at either of these levels, but short until then.

٧ يوليو ٢٠٢٠

تم فتح الصفقة

Opened a couple of leveraged positions at 3189 and 3186

٧ يوليو ٢٠٢٠

ملاحظة

Took some profits at 3155. The price action is looking corrective to me, but I'll keep one of the trades running in case there's more downside. I have opened a hedge long at 3154 in case we get a higher high. Stop now at breakeven.

٨ يوليو ٢٠٢٠

ملاحظة

Trade is looking great! 3140 and bleeding out.