S&P may be ripe for another round of short selling on Tuesday. The expected wave iv retracement should be complete, and wave 5 down has begun, with wave iii of v to push toward testing new lows. Third waves are steep, fast, and deep movers; good money makers.
There is an alternate count for wave iv to be continuing sideways in a triangle formation, with c nearly topped out, and a w.d down then a w.e retracement that launched larger wave v down. This is still on the table, but an immediate strong move lower below the previous wave would confirm iii of v is underway. Either way, the same result is down, the triangle just delays with 2 more small waves before the plunge.
Keep in mind, a large and possible sharp retracement is expected after this wave 3 low is complete, I usually exit and re-enter after the correction is finished, preferring to only trade in the direction of the larger trend. Good trading.
There is an alternate count for wave iv to be continuing sideways in a triangle formation, with c nearly topped out, and a w.d down then a w.e retracement that launched larger wave v down. This is still on the table, but an immediate strong move lower below the previous wave would confirm iii of v is underway. Either way, the same result is down, the triangle just delays with 2 more small waves before the plunge.
Keep in mind, a large and possible sharp retracement is expected after this wave 3 low is complete, I usually exit and re-enter after the correction is finished, preferring to only trade in the direction of the larger trend. Good trading.