Short Outlook on S&P 500

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I’m still not convinced that we are going to all time highs anytime soon.. test of March lows need to happen for validation.

I’m not a perma bear but I’m skeptical of this bounce from the lows. I expect a retest, and if lower than 2200’s then I expect a drop down to 50% of February 2020 peak which is around 1600-1800 range.

Please trade at your own risk, do your research. Don’t take it as the Bible.

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ملاحظة

Closed below the week below trend line

٢ مايو ٢٠٢٠

ملاحظة

We're above the .618 fib ext. This could be wave 5 as we can already see a decline.

Below 2770, then we see further downside.

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ملاحظة

Still appears Wave 5 was on April 30th, should be getting three corrective waves down to between 2630 to 2790 range