A good trader has to adopt for the change in trading environment.
the so long correction in s&p500 index is in a wedge shaped and now broke-out with 5 waves.
the 1st confirmation for bullishness (formation of wave''E'') is set as this BO (5waves)exceeded 62% of wave 'D'.
wait for 2nd confirmation ,a pullback up to 38% of new wave 'A '(4455)this week (FED int rate will be a surprise),buy above 4640 (3rd confirmation)
IF all set, the S&P500 rocket will climb to reach its targets (4930,5400)during this earning season
the so long correction in s&p500 index is in a wedge shaped and now broke-out with 5 waves.
the 1st confirmation for bullishness (formation of wave''E'') is set as this BO (5waves)exceeded 62% of wave 'D'.
wait for 2nd confirmation ,a pullback up to 38% of new wave 'A '(4455)this week (FED int rate will be a surprise),buy above 4640 (3rd confirmation)
IF all set, the S&P500 rocket will climb to reach its targets (4930,5400)during this earning season
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slight change in targets
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Todays gap down indicates that 'B' wave correction is extending. wait upto 4228 for buy or short spx index upto 4228
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