Could this be how SP500 will play out?
On the daily chart we are forming lower lows and lower highs. We still in a bearish market? How ever it will be, many will get caught on the wrong side of the market.
1. On the daily we got rejected by multiple trendlines and MAs plus the stochastic cycle is soon done and ready to go down.
2. From the eliott wave point of view we would still have some possible downside movement ahead of us to reach level 0.
3. October usually a bearish month + many other bearish news floating around.
4. We have not touched the 200MA on a daily chart for a long time.
5. Weekly MACD has crossed to the downside. On daily MACD we are trading below 0-level.
1. On the daily we got rejected by multiple trendlines and MAs plus the stochastic cycle is soon done and ready to go down.
2. From the eliott wave point of view we would still have some possible downside movement ahead of us to reach level 0.
3. October usually a bearish month + many other bearish news floating around.
4. We have not touched the 200MA on a daily chart for a long time.
5. Weekly MACD has crossed to the downside. On daily MACD we are trading below 0-level.
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