S&P 500 short: A break down from trendline
Following my previous idea on the S&P500 completion of 5-waves (updated here in red), I've updated a 5 wave of a lower degree (in green numbering) and then we have an a-b-c of the same degree (also in green).
At this point, we can clearly see that there is a breakdown of a purple trendline. This is a longer term trendline. There is also a shorter term trendline in red that could potentially act as a support.
A short now will considered a more aggressive short but with potentially lower risk. A short after a break of the red trendline will be more conservative and even better risk if price drags along the trendline up.
It's up to you on the entry, but keep your stop loss above 5880 (c-wave high).
Good luck!
At this point, we can clearly see that there is a breakdown of a purple trendline. This is a longer term trendline. There is also a shorter term trendline in red that could potentially act as a support.
A short now will considered a more aggressive short but with potentially lower risk. A short after a break of the red trendline will be more conservative and even better risk if price drags along the trendline up.
It's up to you on the entry, but keep your stop loss above 5880 (c-wave high).
Good luck!
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