US500 (S&P) – Corrective sequence before sellers return

0 40

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

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