US500 (S&P) – Corrective sequence before sellers return
Weekly: Trading within an AB=CD corrective sequence. We expect the current positive move to stall near the 78.6% Fibonacci retracement of the previous corrective leg lower.
Daily: Price action looks to be in the leg of a 5th wave. The 78.6% fib lines up with a confluence of previous highs and provides and an ideal area to fade the current up-leg.
We look to Sell at 2800
Stop: 2840
Targets: 2600 & 2520