Saturday, July 17, 2010

SPX About to Plummet?

Here is my primary 15 minute SPX count. While the whole move from the high could be counted as a correction it is also possible that we have already topped out and are heading lower from here. As you can see there are some extremely bearish looking candles beginning to show and I think fundamentally it is more likely that we will hear negative news over the weekend. In my chart you can see in my chart we have just begun a third of a third of a third which would explain the sudden sharp drop off in price, and also means this momentum is likely to carry on for the remainder of the session and into next week. I have just taken a short position with a stop at 1090. The target remains open but the expected risk to reward on this trade is massive.

No comments:

Post a Comment