EuroMotif

SPX pullback imminent? SP500 retrace zones to watch

FOREXCOM:SPX500   מדד S&P 500 ‏
Looks a 12345 impulse was completed and ABC correction might be under way.
If so, I see three possible ending points for wave C.
The Green path would be most bullish, yellow less so, and the red a bit concerning.

The last push up and subsequent quick drop was based on Trump/China news.
First it was reported that they had moved a lot closer to striking a deal, only to be later refuted by the White House.
So that last leg up (5) and drop (A) might not be natural occurrences but rather knee jerk reaction to news tidbits.

ALSO, the mid-Term elections tomorrow might cause wild swings in both directions.
Thus I am not trading this asset class until after the elections results, and more knee jerk market reactions.
But for now I wanted to put the support and resistance zones up so that we can watch them when the fireworks show starts.


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