SPX500 Weekly Review
SP500 has been on an uptrend for the last few days. The market moved in form of an impulsive 5-wave pattern from3800.0 which is the beginning of our major wave (I) to 4196.7 which is our major wave V. Normally, after every 5 major waves the market corrects in form of a corrective 3 minor waves. The market moved impulsively to the downside from major wave V,4196.7, to where it is now which is 4124.2, we have marked this point as our minor corrective wave a. Again at minor wave a,4124.2, the market has formed a double bottom. I expect the market to move up slightly to around 4171.1 before dropping. we will mark 4171.1 as our minor corrective wave b.
Trade Recommendations:
Sell For now
