S&P 500 - simple correction has been completed?
Looking at the S&P 500 futures chart we may spot a textbook corrective pattern. It is labeled as ABC where wave C is equal to wave A. It is also called one to one pattern. The top of wave C is currently potential strong resistance which could be difficult to break in the near future.
If the line drawn through the bottoms is broken we could expect another potential downward movement as the next possible impulse wave. Then the potential targets may be located near the low of wave B or the low of the first sell-off.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
If the line drawn through the bottoms is broken we could expect another potential downward movement as the next possible impulse wave. Then the potential targets may be located near the low of wave B or the low of the first sell-off.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
