The bearish Case
In my recent analysis, I talked about somewhat of a bullish case for SPX. In this chart i am mentioning bearish case which is also 100% possible (but less probable imo).
If we consider the downward move to be consisting of WXY instead 12345, then it negates the possibility of reaching the levels mentioned in previous analysis and indicates we will be seeing the lower price level sooner than later.
For time being, the price action has not invalidated this scenario so I am personally keeping a close eye on these levels since they are critical.
P.S: I do not share any trades, only ideas on the market outlook, so kindly do not take these ideas as trade setups.
If we consider the downward move to be consisting of WXY instead 12345, then it negates the possibility of reaching the levels mentioned in previous analysis and indicates we will be seeing the lower price level sooner than later.
For time being, the price action has not invalidated this scenario so I am personally keeping a close eye on these levels since they are critical.
P.S: I do not share any trades, only ideas on the market outlook, so kindly do not take these ideas as trade setups.
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