So as everyone may be aware, the indices made up of stocks is in quite a decline, however observing the bigger picture the indices indexes are in need of a correction.
Looking at the SPX500 (S&P 500) the two ares of support are pivotal to knowing what is going to happen next. If price can close below these support lines then I anticipate that a deep correction is on our hands. I will be placing sells below these lines with two targets:
Target 1 = 76.4% Fib support
Target 2 = 61.8% Fib Support (Note: I will move my stop loss if it moves in this direction and check that the correction does not retrace as far as the 50% fib.
For more info, please sign up to my website which I am currently building due for release later this year! www.ejfxtrading.com
Looking at the SPX500 (S&P 500) the two ares of support are pivotal to knowing what is going to happen next. If price can close below these support lines then I anticipate that a deep correction is on our hands. I will be placing sells below these lines with two targets:
Target 1 = 76.4% Fib support
Target 2 = 61.8% Fib Support (Note: I will move my stop loss if it moves in this direction and check that the correction does not retrace as far as the 50% fib.
For more info, please sign up to my website which I am currently building due for release later this year! www.ejfxtrading.com
