The dramatic run up that we have seen in the S&P 500 may be coming to an end. The retracement back over the 840 level should provide sufficient resistance to reverse this market to the downside.
Now here is the caveat, our long-term indicator, the monthly “Trade Triangle” remains negative on this market. While the direction of our weekly timing “Trade Triangle” is on the sidelines and neutral. This has created a conflict, meaning that conservative traders should remain on the sidelines to protect capital.
I am looking for an area to once again get short this market and trade with the major trend in our favor.
My downside target zone is for an eventual move down to the 500 level. Only if we take out highs as I mention in the video, then this analysis will change.
I hope you enjoy this short video. I will cover two important elements in trading: the Elliott Wave Theory, and the other is the Fibonacci Retracement Levels that I like to watch and trade with.
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By: Adam Hewison, President, INO.com and Co-creator, MarketClub