S&P 500 Technical Analysis for November 12, 2015
Posted by FXTimes in Featured - November 12th, 2015 8:15 am GMT
A 4H chart view has been presented to understand the immediate and medium term wave count. It is observer that the indice has broken below the support trend lines early this week, and fresh interim low was made at 2060 levels. A counter trend rally (pullback) might have just completed at around 2087 levels (the fibonacci 0.50) or could complete around 2091/95 levels (fibonacci 0.618). Also note that the immediate trend line support (which is broken), would provide resistance to any rallies trying to exceed 2090/95 levels. If the above wave count holds true, the indice is setting up for a correction from around current levels or 2091/95 levels, and the next larger movement should be seen on the down side. Price could potentially drop towards at least 2027 levels, till the 2109 resistance remains intact. Immediate interim support is seen at 2058 levels, while resistance is seen through 2019 levels.
Go short around 2091/95, stop above 2109, target 2027.